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Norfolk firm posts losses of £35m

PUBLISHED: 08:45 20 March 2019 | UPDATED: 12:01 20 March 2019

Norfolk employer and contractor, Kier, has posted losses of £35.5m. Picture: Chris Biele

Norfolk employer and contractor, Kier, has posted losses of £35.5m. Picture: Chris Biele

©2016 Chris Biele

A major Norfolk employer and contractor, Kier, has posted losses of £35.5m.

The construction group has two hubs in Norfolk, one in Norwich at Mile Cross Lane and one in Aylsham.

The company has recently brought in a new boss to lead its turnaround, having discovered a £40m debt hole in its finances earlier this month.

MORE: Norfolk firm finds £40.2m debt hole in finances

Andrew Davies will not lead the company from mid-April, and will be hoping to swing the business back to profit-making.

The most recently published figures - reporting the six months to December 31 - show non-underlying charges of £59.9m.

On top of this, pre-tax profits fell 21% to £39.

Despite this, there is light at the end of the tunnel for the company.

Revenue was up slightly, 2% up to £2.2bn, while its Future Proofing Kier (FPK) cost-cutting programme delivered savings of £4 million, with net savings of £20 million anticipated next year.

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