{"id":4952,"date":"2019-04-15T07:14:15","date_gmt":"2019-04-15T07:14:15","guid":{"rendered":"https:\/\/cita.co.uk\/news\/?p=4952"},"modified":"2019-04-15T07:14:15","modified_gmt":"2019-04-15T07:14:15","slug":"new-kier-chief-sets-out-to-streamline-4bn-group","status":"publish","type":"post","link":"https:\/\/cita.co.uk\/news\/new-kier-chief-sets-out-to-streamline-4bn-group\/","title":{"rendered":"New Kier chief sets out to streamline \u00a34bn group"},"content":{"rendered":"<p>New Kier chief executive Andrew Davies has launched a strategic review of the debt-laden \u00a34bn revenue group.<\/p>\n<p>Davies started the job today announcing that the top-to-bottom review would consider further\u00a0ways of simplifying Kier to create a more focused group.<\/p>\n<p>He said the\u00a0<span class=\"al\">review would build on work that has been undertaken by the board in recent months and was additional to the previously announced Future Proofing Kier programme, initiated by former chief executive Haydn Mursell.<\/span><\/p>\n<p class=\"p1\">\n<div class=\"ad-mpu ad-mpu-inline\">\n<div class=\"sleeve\"><a data-ad-id=\"128602\" href=\"http:\/\/www.constructionenquirer.com\/wp-content\/themes\/constructionenquirer\/adclick.php?url=http%3A%2F%2Felfinkitchens.co.uk%2F%3Futm_source%3DConstruction%2520Enquirer%26utm_medium%3DMPU%26utm_campaign%3D100718%3Futm_source%3Dconstruction-enquirer%26utm_medium%3Dbanner%26utm_campaign%3Dconstructionenq-ads\" onclick=\"track_ad_click(this);\"><img decoding=\"async\" src=\"http:\/\/www.constructionenquirer.com\/wp-content\/uploads\/Elfin_Construction-Enquirer-mpu_cyan-300x250-5.gif\"\/><\/a><\/div>\n<\/div>\n<p>Davies said that the review would\u00a0<span class=\"al\">explore ways to further simplify Kier, the allocation of capital resources across the group and additional steps to improve cash generation and reduce leverage.<\/span><\/p>\n<p>Last month Kier revealed a\u00a0pre-tax loss of \u00a335.5m in the second half of 2018 after it was hit by problem contracts and mounting debts.<\/p>\n<p>Kier was hit by a \u00a325m provision on its problem Broadmoor Hospital job and \u00a326m on a disputed waste collection contract which has been cut short.<\/p>\n<p class=\"p1\">\n<div class=\"ad-mpu ad-mpu-inline\">\n<div class=\"sleeve\"><a data-ad-id=\"92680\" href=\"http:\/\/www.constructionenquirer.com\/wp-content\/themes\/constructionenquirer\/adclick.php?url=http%3A%2F%2Fwww.intersteels.com%3Futm_source%3Dconstruction-enquirer%26utm_medium%3Dbanner%26utm_campaign%3Dconstructionenq-ads\" onclick=\"track_ad_click(this);\"><img decoding=\"async\" src=\"http:\/\/www.constructionenquirer.com\/wp-content\/uploads\/intersteel_mpu_advert[1].gif\"\/><\/a><\/div>\n<\/div>\n<p>Integrating the McNicholas business also cost \u00a35.4m .<\/p>\n<p>The Future Proofing Kier restructuring programme cost another \u00a310m during the period, but was expected to be \u201c<span class=\"atc\">earnings and cash flow neutral\u201d this year before delivering \u00a320m of savings in 2020.<\/span><\/p>\n<p>Kier also flagged-up \u201cvolume pressures\u201d at its\u00a0<span class=\"avg\">highways, utilities and housing maintenance markets<\/span>.<\/p>\n<p class=\"p1\">\n<div class=\"ad-mpu ad-mpu-inline\">\n<div class=\"sleeve\"><a data-ad-id=\"128602\" href=\"http:\/\/www.constructionenquirer.com\/wp-content\/themes\/constructionenquirer\/adclick.php?url=http%3A%2F%2Felfinkitchens.co.uk%2F%3Futm_source%3DConstruction%2520Enquirer%26utm_medium%3DMPU%26utm_campaign%3D100718%3Futm_source%3Dconstruction-enquirer%26utm_medium%3Dbanner%26utm_campaign%3Dconstructionenq-ads\" onclick=\"track_ad_click(this);\"><img decoding=\"async\" src=\"http:\/\/www.constructionenquirer.com\/wp-content\/uploads\/Elfin_Construction-Enquirer-mpu_cyan-300x250-5.gif\"\/><\/a><\/div>\n<\/div>\n<p>The outcome of the fresh business review will\u00a0be announced in July just after its June year end.<\/p>\n<p>Meanwhile, interim chief executive Philip Cox now returns to his role of non-executive chairman.<\/p>\n<p class=\"p1\">\n<div class=\"ad-mpu ad-mpu-inline\">\n<div class=\"sleeve\"><a data-ad-id=\"122797\" href=\"http:\/\/www.constructionenquirer.com\/wp-content\/themes\/constructionenquirer\/adclick.php?url=http%3A%2F%2Fwww.google.com%3Futm_source%3Dconstruction-enquirer%26utm_medium%3Dbanner%26utm_campaign%3Dconstructionenq-ads\" onclick=\"track_ad_click(this);\"><img decoding=\"async\" src=\"\"\/><\/a><br \/>\n<SCRIPT language='JavaScript1.1' SRC=\"https:\/\/ad.doubleclick.net\/ddm\/adj\/N6250.2036112CONSTRUCTIONENQUIRE\/B22323192.243432540;sz=300x250;ord=[timestamp];dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=?\"><br \/>\n<\/SCRIPT><\/div>\n<\/div>\n<p class=\"p1\">\n<div class=\"ad-mpu ad-mpu-inline\">\n<div class=\"sleeve\"><a data-ad-id=\"153404\" href=\"http:\/\/www.constructionenquirer.com\/wp-content\/themes\/constructionenquirer\/adclick.php?url=https%3A%2F%2Fwww.donseed.com%2Finformation%2Fintroducing-workplace%2F%3Futm_source%3DOnline%2520Advert%26utm_campaign%3DOnline%2520Ad%2520-%2520April%25202019%2520-%2520Construction%2520Enquirer%2520%28Workplace%29%3Futm_source%3Dconstruction-enquirer%26utm_medium%3Dbanner%26utm_campaign%3Dconstructionenq-ads\" onclick=\"track_ad_click(this);\"><img decoding=\"async\" src=\"http:\/\/www.constructionenquirer.com\/wp-content\/uploads\/image001.gif\"\/><\/a><\/div>\n<\/div>\n<p class=\"at\"><span class=\"al\">\u00a0<\/span><\/p>\n<p>from Construction Enquirer http:\/\/bit.ly\/2Pdjh0i<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Kier chief executive Andrew Davies has launched a strategic review of the debt-laden \u00a34bn revenue group. Davies started the job today announcing that the top-to-bottom review would consider further\u00a0ways of simplifying Kier to create a more focused group. He said the\u00a0review would build on work that has been undertaken by the board in recent [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":156,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[9],"class_list":["post-4952","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-construction-enquirer"],"_links":{"self":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/4952","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/comments?post=4952"}],"version-history":[{"count":1,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/4952\/revisions"}],"predecessor-version":[{"id":4953,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/4952\/revisions\/4953"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media\/152"}],"wp:attachment":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media?parent=4952"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/categories?post=4952"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/tags?post=4952"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}