Kier looks to brighter future as firm marks end of the beginning

By Dave Rogers2021-04-21T13:15:00

Plenty left to do but encouraging results from Andrew Davies’ turn-around strategy mean debt-free future is in sight

For a man who used a cricketing analogy to end his interim results meeting with analysts this morning, Kier chief executive Andrew Davies is reluctant to say whether the firm’s balance sheet problems have been hit for six after an encouraging few days.

“We can draw stumps there,” Davies said after a 45 minute presentation capped off a five day period which has seen the firm finally reach a deal to sell its housing business, Kier Living, for £110m, return to profit and, perhaps most revelatory, unveil a plan to wipe out the firm’s debt pile – which Kier watchers would be forgiven in thinking has hung around its neck forever – returning it to a net cash position within three years.

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