A cost and debt-cutting drive has been launched by Kier Group amid mounting pressure from hedge funds.
The construction company unveiled plans yesterday to generate extra profits and cash of at least £20m in 2020 and a further £30m to £50m from offloading non-core businesses. The “future-proofing Kier” programme is designed to help to cut its average net debt to £250m in 2021 and to deliver a net cash position.
Kier’s operations span property, residential, construction and services. It is a constituent of the FTSE 250 index and is valued at about £1bn.
