As a critical maintenance and infrastructure provider, Kier (KIE) is keeping 80 per cent of its sites or workplaces operational during the Covid-19 pandemic. However, given the current market turmoil, the disposal of its housebuilding unit, Kier Living, has been put on hold.
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The group was already cutting costs as part of its recovery strategy, aiming to deliver at least £65m of savings by 30 June 2021. In addition, all employees’ base salaries will now be lowered by up to 25 per cent for three months. House broker Liberum estimates this will save an extra £15m.
