LONDON (dpa-AFX) - Kier Group plc (KIE.L), on Thursday, issued a trading update for the year ended 30 June 2024 and said it expects its full-year FY24 results to be above the prior year and in line with market expectations, reflecting a strong operational performance.
The sustained growth of the order book remains indicative of the Group's momentum, with a reported value of about £10.8 billion as of 30 June 2024, marking a 7% increase from the previous year's £10.1 billion. Leveraging the robust order book and Kier's position within the framework, an estimated 85% of the Group's revenue for FY25 is already secured, contributing to a high level of revenue certainty for the company.
The company has generated a significant operating free cash flow for the fiscal year ended 30 June 2024. As a result, it is projected that the company will have a net cash position of about £165 million at the year-end, which is more than double the £64 million reported for the previous fiscal year's end.
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