Kier Group, a renowned construction and infrastructure services company, announced its positive performance in the beginning of fiscal 2024, stating its plans to resume dividend payments. With notable resilience in business performance, a secure order book, and a strengthened balance sheet, the company anticipates resuming dividend payments by June 30, 2024. It should be noted that Kier last paid a dividend in 2019.
As of October, Kier’s order book stood at an impressive £10.5 billion ($13.04 billion), marking an increase from £10.1 billion at the end of fiscal 2023. Moreover, the company has already secured 91% of planned fiscal 2024 revenue, showcasing significant progress since July when it stood at 85%.
Despite persistent inflationary pressure and challenges in the supply chain, Chief Executive Andrew Davies expressed satisfaction with the ongoing financial year’s performance. He emphasized that Kier is trading above the corresponding period last year and meeting expectations.
Kier Group maintains its advantageous position to capitalize on the U.K. government’s commitment to infrastructure spending. Additionally, the company maintains its focus on achieving a sustainable net cash position while having room for further investments.