Kier Group has warned its turnover will be £100m less than last year owing to stalled sales.
It said the dip was a result of “property and land-led transactions which did not complete in June 2019, which will have an impact on the group’s profitability broadly in line with its historic gross margins”.
Kier Group also announced that it has hired Simon Kesterton as chief financial officer.
Kesterton will join the board from 26 August 2019 and will assume the role of CFO from 19 September. He was previously chief financial officer and chief strategic officer at IAC Group.
Kier’s current CFO, Bev Dew, will stand down from the board immediately following its results on 19 September. Dew will remain on gardening leave until May 2020.
In a post-close trading update, the group said its net debt at 30 June was £167m. Its average month-end net debt for the year was £422m, against guidance of £420m to £450m.
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