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Construction and infrastructure services group Kier reported narrower first-half losses as efforts to cut costs boosted margins offsetting a decline in revenue.
For the six months ended 31 December 2019, pre-tax losses narrowed to £41.2m from £45.3m on-year, while revenue fell 9% to £1,866m.
The decline in revenue was blamed on challenging market conditions affecting both infrastructure services and construction, where revenues were down 10% and 7%, respectively.
Margins rose to 2.5% from 2.0% on the back of cost savings of £23m delivered in the period.
The company did not declare an interim dividend.
Looking, the company said it would continue to cut jobs resulting in cost savings of at least £65m by 30 June 2021.
At 9:28am: (LON:KIE) Kier Group PLC share price was +12.85p at 114.35p