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Kier woes point to restructuring

Kier woes point to restructuring

Kier (KIE) appears to have made an unfortunate habit of springing unpleasant surprises on its shareholders. This week, an unscheduled trading update has cautioned that underlying operating profit for FY2019 would fall around £25m short of expectations, while full-year revenue is expected to be broadly flat year on year. As the new chief executive accelerates the implementation of the 'Future Proofing Kier' programme, associated net costs will be £15m higher than previously expected.

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