- Revenue falls at the construction arm
- balance sheet shored up by capital raise and asset sale
The six months to the end of last year represented a case of two steps forward, one step back for contractor Kier (KIE).
After concluding the important business of shoring up its balance sheet through a £241mn equity raise and the £110mn sale of Kier Living in the first half of 2021, the company has set out its plan on how best to use its resources – prioritising capital expenditure on “disciplined and non-speculative” investment, as well as further deleveraging. Only after it achieves this will it consider restarting dividend payments.