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Gloucestershire Business News

Kier Group set for £20m buy back from investors

Kier Group will buy back £20 million from investors as the company continues to cash in on major public spending initiatives and slash its debts.

Kier, which has a base in Gloucester, is currently involved in some major projects in Gloucestershire, including the A417 'Missing Link' and the £107m Forum development in Gloucester city centre.

The FTSE 250 infrastructure group told shareholders yesterday it expects to report a net cash position for 2024, having cut its average month-end net debt to £38million from almost £137million last year, reported the Daily Mail.

Kier restarted dividends last year as strong cash generation helped deleverage the group's balance sheet and free up cash to return to investors.

The group, which saw Its order book grow 2% last year to £11 billion, said it was "well positioned to benefit from UK Government and regulated industry infrastructure spending plans".

The Prime Minister and the Chancellor have promised a wave of spending on Britain's decaying infrastructure and shortage of homes.

Kier said yesterday it "continued to trade well" in the months since its last update, with results in line with expectations.

Analysts have previously flagged Kier as one of the key beneficiaries of Labour policies.

Kier said: "We continue to believe that as a strategic supplier to key areas of the new Government's priorities, including transport, education, healthcare, justice, defence and nuclear, there are significant medium term growth opportunities for the group.

"Alongside these we should also further benefit from the very substantial investment plans being announced in regulated industries, notably water."

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