- Infrastructure services and construction company Kier swung to a first-half profit and detailed plans to raise between £190 million and £240 million through an equity raise to strengthen its balance sheet.

For the six months ended 31 December 2020, pre-tax profit was £9 million from a loss of £41.2 million year-on-year, while revenue decreased 13% to £1.62 billion.

The order book stood at £8 billion at 31 December 2020, covering 62% of year to 30 June 2022 forecast revenues.

The company said its decision to streamline the business will have delivered annualised cost savings of at least £115 million by the end of FY21.

'The second half of the year has started well seeing a continuation of the positive trends of the first half and we are confident of achieving further progress this year in line with our expectations,' the company said.

At 9:51am: [LON:KIE] Kier Group PLC share price was 0p at 63p

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