Norfolk firm posts losses of £35m
PUBLISHED: 08:45 20 March 2019 | UPDATED: 12:01 20 March 2019
©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.
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.