StockMarketWire.com - Kier said it continued to trade in line with its expectations amid efforts to cut costs, and the acquisition of new business. The construction company also said Claudio Veritiero, chief operating officer, would stand down with immediate effect. The responsibilities of the COO would be assumed by the chief executive and the chief financial officer. The update came as the company continued efforts to cut costs amid plans to deliver a headcount reduction of about 1,200 by 30 June 2020 and annual cost savings of at least £55m in the financial year ending 30 June 2021. The company recently agreed terms to outsource its IT and fleet management activities and said it was taking additional steps to reduce its costs, including exiting its offices at Tempsford Hall, Bedfordshire, and Foley Street, London and making a number of changes to the structure of its senior management. Kier said it had won close to £1bn worth of new contracts since the end of June. 'Our core businesses are performing in line with our expectations,' it added. At 9:40am: [LON:KIE] Kier Group PLC share price was +1.33p at 88.98p



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