Kier Group reports strong financial performance with a significant increase in profit and plans to resume dividend payments. The company expresses confidence in future prospects and its ability to benefit from infrastructure spending commitments.
Kier Group, a leading construction and infrastructure services company, has announced a significant increase in pretax profit for fiscal 2023. The company also stated its intention to resume dividend payments in the next fiscal year after a successful year of operational and financial performance.
For the year ended June 30, Kier Group achieved a pretax profit of £51.9 million, compared to £15.9 million in fiscal 2022. This substantial increase highlights the company's strong operational delivery and strategic execution. Revenue also saw growth, rising from £3.26 billion to £3.405 billion.
Based on their impressive financial performance, Kier Group plans to initiate dividend payments in the first half of fiscal 2024. The company's decision is backed by a solid net cash position at the year-end and confidence in short-term prospects. The dividend payout is expected to be covered three times by earnings and will follow a payment ratio of one-third interim dividend and two-thirds final dividend.
Kier Group's new fiscal year has started on a positive note, with the company performing in line with expectations. Chief Executive Andrew Davies expressed confidence in the group's ability to benefit from U.K. Government infrastructure spending commitments. Additionally, the company aims to sustain its strong cash generation, which has been evidenced throughout the year.
In conclusion, Kier Group's impressive financial results and plans for dividend resumption reflect its strong position in the industry. The company's continued success is underpinned by its operational excellence and confidence in future prospects.
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