14th Sep 2023 11:00
(Alliance News) - Kier Group PLC on Thursday announced it planned to resume dividend payments in current financial year 2024, as it reported a jump in annual profit for financial 2023.
The infrastructure services, construction and property said the payout resumption will start with an interim dividend.
The company reported that pretax profit in the year ended June 30 leaped to GBP51.9 million from GBP15.9 million a year prior.
Revenue rose 7.5% to GBP3.38 billion from GBP3.14 billion.
The company boasted about a "strong" order book and improved financial year-end cash position, which skyrocketed to GBP64.1 million from GBP2.9 million annually as at June 30, with "confidence in sustaining this momentum going forward".
Looking ahead, the company said that financial year 2024 started well, with trading coming in line with expectations.
"The group is well positioned to continue benefiting from UK government infrastructure spending commitments and we are confident in sustaining the strong cash generation evidenced this year," said Chief Executive Andrew Davies.
Kier shares rose 6.1% to 92.31 pence each on Thursday morning in London.
By Tom Budszus, Alliance News reporter
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