Kier Group results for the six months ended 31st December 2025 show profit before tax up 14% at £32.6m on revenue up 2% at £2,012m .
The board’s target of an average net cash position was achieved in the period, finishing HY26 with £16.8m of net cash, compared to £37.6m net debt for the same period last year. It was 2013 when Kier was last able to say that.
The order book has also improved, reaching £11.6bn, securing 94% of forecast revenues for the financial year
Kier has demonstrated strong cash generation over several years, facilitating an initial share buyback of £20m, which completed in December 2025. Reflecting confidence in this strong cash flow profile, the board has now approved a subsequent share buyback of £25m, which is anticipated to complete within 12 months.
Revenue from the Infrastructure Services division was up 5% in the half-year period to £1,083m, with operating profit up 9% to £37.8m. The Construction division saw a 1% dip in revenue to £920m and a 12% fall in operating profit at £25.6m.
Kier Property generated revenue of £24.9m (2025 H1: £13.1m) and an operating profit of £2.1m (2025 H1: £0.9m).
Chief executive Stuart Togwell, who took over from Andrew Davies in November 2025, said: "We have delivered a strong first half, with good growth in both revenue and profits, reaching an average net cash position for the first time in 13 years, a significant milestone for the group. These results reflect the strength of our customer relationships, the quality of our teams and our operational excellence. Underpinned by our robust cash generation, we are pleased to announce an increase in the interim dividend, in line with earnings, and a further £25m share buyback programme.
“Our order book has grown to a record £11.6bn and we have seen this momentum continue into the second half with a number of appointments to frameworks in key sectors of health, education, water and roads, with further clear opportunities ahead in energy and defence. This underpins the confidence we have in our ability to shape the future of infrastructure, supporting the delivery of the UK government's 10-year pipeline of investment.
“Across the group, there is real energy and optimism supported by the recent steps we have taken to optimise our structure and leadership capability, to maximise the opportunities ahead and ensure we are poised for further sustainable growth.
“Following our strong first half performance, the group continues to trade well with full year performance forecast to be in line with the board's expectations. With a growing, high quality order book, expert project delivery, robust cash generation and disciplined use of capital, we remain confident in driving further returns for our stakeholders."
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