Kier Group’s hoped for turnaround has been stopped in its tracks by coronavirus.
Revenues for the year to the end of June fell 15% from £4.1bn to £3.5bn, dragging down operating profits by 52% from £85.7m to £41.4m.
Restructuring and Covid costs resulted in a £225m annual loss and a doubling of debt from £167m to £310m. Debt now stands at three times Kier’s market capitalisation of £100m.
