21st Jan 2025 09:05
(Alliance News) - Kier Group PLC on Tuesday announced a GBP20 million share buyback, as it said it "continued to trade well" in the past six months.
Shares were up 5.5% to 146.00 pence early Tuesday in London. Kier has a market capitalisation of GBP656.7 million.
The Salford, England-based infrastructure services, construction and property group said trading in the financial half-year that ended December 31 was in line with board expectations, noting that results will be second-half weighted, as in financial 2024.
Kier said it had an order book of about GBP11 billion on December 31, up about 2% from GBP10.8 billion on June 30, securing more than 95% of financial 2025 revenue.
It had a net cash position on December 31 that was above the GBP17 million it held a year before.
Thanks to the "strong balance sheet", Kier said it will launch an initial share buyback of GBP20 million on Tuesday. The programme will be run by broker Peel Hunt LLP and will continue until that sum is reached.
"We continue to be well positioned to benefit from UK government and regulated industry infrastructure spending plans into areas where Kier offers market leading services, notably transport, education, healthcare, justice, defence, nuclear and water," said Chief Executive Andrew Davies.
By Tom Waite, Alliance News editor
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