- Infrastructure services and construction group Kier said it expected its full year results to be 'moderately' ahead of the board's expectations amid 'strong' operational performance.

For the year ended 30 June 2021, the group expects to deliver a full year 2021 adjusted operating profit margin of approximately 3% and to generate positive adjusted operating cash flow for the full year 2021.

'The group's average month-end net debt for FY21 remained at a level similar to the average month-end net debt for FY20 due to the Group's receipt of the capital raise and Kier Living sale proceeds arriving in the final months of the year,' the company said.

The company said it confident that it now had the platform to achieve its medium-term targets including revenue of £4-to-£4.5 billion and adjusted operating profit of about 3.5%.

'These results also reflect the numerous cost savings realised in responding to the reduced volumes caused by COVID-19 during the financial year,' the company said.

The full year 2021 results are expected to be published on 16 September 2021.

Story provided by