Kier Group

KIE · Main Market · Construction and Materials · mcap £1,263m · 299.8p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 15 Sep 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,303m
Owner’s net cash: £1,634m
Net cash / market cap: 125%
EV ex leases: −£489.6m
Revenue: £4,352m
Operating profit: £118.7m
Free cash flow after leases: £165.6m
EV / EBIT: -4.1×
FCF yield: 12.7%
ROCE: 12%
Net income (owners): £61.7m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: FY Jun 26 (twelve months to 30 Jun 26), published 15 Sep 26 · read the results ↗

Source ↗

	2026 £m	2025 £m
Continuing operations
Group revenue including share of joint ventures 1	4,393.0	4,087.8
Less share of joint ventures	(40.5)	(10.7)
Group revenue	4,352.5	4,077.1
Cost of sales	(3,972.0)	(3,746.3)
Gross profit	380.5	330.8
Administrative expenses	(268.5)	(223.2)
Share of post-tax results of joint ventures	(5.6)	(1.5)
Other income	12.3	7.6
Operating profit	118.7	113.7
Finance income	7.7	8.0
Finance costs	(42.6)	(43.6)
Profit before tax	83.8	78.1
Taxation	(22.0)	(21.7)
Profit for the year	61.8	56.4
Attributable to
Owners of the Company	61.7	56.4
Non-controlling interests	0.1	–
Total attributable to	61.8	56.4
Earnings per share
– Basic	14.1p	12.8p
– Diluted	13.5p	12.1p

Source ↗

	2026 £m	2025 £m
Non-current assets
Intangible assets	583.1	608.4
Property, plant and equipment	20.5	28.0
Right-of-use assets	110.2	96.5
Investment properties	107.6	100.6
Investments in and loans to joint ventures	158.7	145.8
Deferred tax assets	127.7	136.7
Contract assets	57.0	57.0
Trade and other receivables	35.8	30.0
Retirement benefit assets	80.6	74.1
Non-current assets	1,281.2	1,277.1
Current assets
Inventories	64.6	65.6
Contract assets	430.4	317.0
Trade and other receivables	255.9	202.8
Corporation tax receivable	2.4	0.6
Cash and cash equivalents	1,899.6	1,689.4
Current assets	2,652.9	2,275.4
Total assets	3,934.1	3,552.5
Current liabilities
Bank overdrafts	(1,402.0)	(1,221.4)
Lease liabilities	(52.7)	(40.8)
Trade and other payables	(1,134.2)	(1,105.7)
Contract liabilities	(292.9)	(168.0)
Provisions	(81.6)	(53.1)
Current liabilities	(2,963.4)	(2,589.0)
Non-current liabilities
Borrowings	(265.2)	(263.9)
Lease liabilities	(125.3)	(110.3)
Trade and other payables	(20.9)	(19.1)
Retirement benefit obligations	(21.3)	(26.9)
Provisions	(26.6)	(26.1)
Non-current liabilities	(459.3)	(446.3)
Total liabilities	(3,422.7)	(3,035.3)
Net assets	511.4	517.2
Equity
Share capital	4.5	4.5
Share premium	3.6	3.6
Retained earnings	152.7	158.6
Merger reserve	350.6	350.6
Equity attributable to owners of the Company	511.4	517.3
Non-controlling interests	–	(0.1)
Total equity	511.4	517.2

Source ↗

	2026 £m	2025 £m
Continuing operations
Cash flows from operating activities
Profit before tax	83.8	78.1
Net finance cost	34.9	35.6
Share of post-tax trading results of joint ventures	5.6	1.5
Pension cost charge	2.1	2.1
Equity-settled share-based payments charge	11.2	8.9
Amortisation of intangible assets and mobilisation costs	31.3	38.7
Change in fair value of investment properties	(12.3)	(7.6)
Depreciation of property, plant and equipment	6.2	5.6
Depreciation of right-of-use assets	47.8	46.1
Loss on disposal of property, plant and equipment, right-of-use assets and intangible assets	0.9	0.4
Operating cash inflows before movements in working capital and deficit contributions to pension funds	211.5	209.4
Deficit contributions to pension funds	(5.2)	(7.0)
(Increase)/decrease in inventories	(5.2)	2.0
(Increase)/decrease in receivables	(47.9)	19.6
Increase in contract assets	(113.4)	(15.9)
Increase/(decrease) in payables	30.1	(20.5)
Increase in contract liabilities	124.9	39.6
Increase in provisions	29.0	2.0
Cash inflow from operating activities	223.8	229.2
Dividends received from joint ventures	3.5	3.9
Interest received	5.0	3.7
Income tax paid	(2.9)	(1.8)
Net cash inflow from operating activities	229.4	235.0
Cash flows from investing activities
Proceeds from sale of property, plant and equipment	5.7	1.0
Proceeds from sale of investment property	13.7	–
Purchase of property, plant and equipment and right-of-use assets	(5.9)	(11.1)
Purchase of intangible assets	(4.7)	(5.4)
Purchase of capitalised mobilisation costs	(4.0)	(1.9)
Purchase of investment property	(2.5)	–
Investment in joint ventures	(55.6)	(60.9)
Loan repayment and return of equity from joint ventures	33.6	9.9
Net cash used in investing activities	(19.7)	(68.4)
Cash flows from financing activities
Issue of shares	–	0.4
Purchase of own shares via employee benefit trust	(29.7)	(9.7)
Purchase of own shares via share buyback	(22.3)	(6.4)
Interest paid	(39.2)	(40.6)
Cost of raising finance	(1.6)	–
Principal elements of lease payments	(53.2)	(47.5)
Drawdown of borrowings	–	4.7
Repayment of borrowings	–	(44.3)
Settlement of derivative financial instruments	–	7.2
Dividends paid	(34.1)	(24.1)
Net cash used in financing activities	(180.1)	(160.3)
Increase in cash, cash equivalents and bank overdrafts	29.6	6.3
Opening cash, cash equivalents and bank overdrafts	468.0	461.7
Closing cash, cash equivalents and bank overdrafts	497.6	468.0

Source ↗

	Unaudited six months to 31 December 2025 £m	Unaudited six months to 31 December 2024 £m	Year to 30 June 2025 £m
Continuing operations
Group revenue including share of joint ventures 1	2,029.2	1,978.6	4,087.8
Less share of joint ventures	(17.0)	(5.6)	(10.7)
Group revenue	2,012.2	1,973.0	4,077.1
Cost of sales	(1,856.9)	(1,826.7)	(3,746.3)
Gross profit	155.3	146.3	330.8
Administrative expenses	(103.0)	(100.2)	(223.2)
Share of post-tax results of joint ventures	(4.3)	(0.6)	(1.5)
Other income	1.9	0.2	7.6
Operating profit	49.9	45.7	113.7
Finance income	3.4	4.3	8.0
Finance costs	(20.7)	(21.4)	(43.6)
Profit before tax	32.6	28.6	78.1
Taxation	(7.9)	(8.2)	(21.7)
Profit for the period from continuing operations	24.7	20.4	56.4
Attributable to
Owners of the Company	24.7	20.4	56.4
Total attributable to	24.7	20.4	56.4
Earnings per share
Basic
- Basic	5.7p	4.6p	12.8p
- Diluted	5.4p	4.4p	12.1p

Source ↗

	Unaudited 31 December 2025 £m	Unaudited 31 December 2024 £m	30 June 2025 £m
Non-current assets
Intangible assets	594.8	621.4	608.4
Property, plant and equipment	27.9	26.7	28.0
Right-of-use assets	113.7	94.3	96.5
Investment properties	98.5	95.5	100.6
Investments in and loans to joint ventures	140.2	107.7	145.8
Deferred tax assets	130.1	141.3	136.7
Contract assets	57.0	53.6	57.0
Trade and other receivables	28.0	23.9	30.0
Retirement benefit assets	96.5	81.6	74.1
Non-current assets	1,286.7	1,246.0	1,277.1
Current assets
Inventories	68.0	94.8	65.6
Contract assets	321.6	295.4	317.0
Trade and other receivables	337.8	234.4	202.8
Corporation tax receivable	2.6	-	0.6
Other financial assets	-	7.1	-
Cash and cash equivalents	1,134.7	1,136.7	1,689.4
Current assets	1,864.7	1,768.4	2,275.4
Total assets	3,151.4	3,014.4	3,552.5
Current liabilities
Bank overdrafts	(768.2)	(777.9)	(1,221.4)
Borrowings	-	(64.5)	-
Lease liabilities	(41.0)	(38.6)	(40.8)
Trade and other payables	(985.6)	(969.7)	(1,105.7)
Contract liabilities	(309.4)	(171.2)	(168.0)
Corporation tax payable	-	(1.8)	-
Provisions	(72.8)	(53.6)	(53.1)
Current liabilities	(2,177.0)	(2,077.3)	(2,589.0)
Non-current liabilities
Borrowings	(263.6)	(243.2)	(263.9)
Lease liabilities	(126.4)	(116.7)	(110.3)
Trade and other payables	(21.8)	(20.3)	(19.1)
Retirement benefit obligations	(15.4)	(28.8)	(26.9)
Provisions	(26.4)	(30.2)	(26.1)
Non-current liabilities	(453.6)	(439.2)	(446.3)
Total liabilities	(2,630.6)	(2,516.5)	(3,035.3)
Net assets	520.8	497.9	517.2
Equity
Share capital	4.5	4.5	4.5
Share premium	3.6	3.6	3.6
Retained earnings	162.2	139.7	158.6
Merger reserve	350.6	350.6	350.6
Other reserves	-	(0.4)	-
Equity attributable to owners of the Company	520.9	498.0	517.3
Non-controlling interests	(0.1)	(0.1)	(0.1)
Total equity	520.8	497.9	517.2

Source ↗

	Unaudited six months to 31 December 2025 £m	Unaudited six months to 31 December 2024 £m	Year to 30 June 2025 £m
Cash flows from operating activities
Profit before tax	32.6	28.6	78.1
Net finance cost	17.3	17.1	35.6
Share of post-tax trading results of joint ventures	4.3	0.6	1.5
Pension cost charge	1.1	1.2	2.1
Equity-settled share-based payments charge	5.1	4.1	8.9
Amortisation of intangible assets and mobilisation costs	15.0	20.2	38.7
Change in fair value of investment properties	(1.9)	(0.2)	(7.6)
Depreciation of property, plant and equipment	3.2	2.7	5.6
Depreciation of right-of-use assets	22.0	22.3	46.1
Loss on disposal of property, plant and equipment, right-of-use assets, investment properties and intangible assets	0.3	0.5	0.4
Operating cash inflows before movements in working capital and deficit contributions to pension funds	99.0	97.1	209.4
Deficit contributions to pension funds	(2.6)	(3.8)	(7.0)
(Increase)/decrease in inventories	(2.4)	(29.6)	2.0
(Increase)/decrease in receivables	(139.1)	3.0	19.6
(Increase)/decrease in contract assets	(4.6)	9.1	(15.9)
Decrease in payables	(117.4)	(148.9)	(20.5)
Increase in contract liabilities	141.4	42.8	39.6
Increase in provisions	20.0	6.6	2.0
Cash (outflow)/inflow from operating activities	(5.7)	(23.7)	229.2
Dividends received from joint ventures	0.1	0.2	3.9
Interest received	2.1	2.2	3.7
Income tax paid	(2.1)	(0.9)	(1.8)
Net cash (outflow)/inflow from operating activities	(5.6)	(22.2)	235.0
Cash flows from investing activities
Proceeds from sale of property, plant and equipment	-	1.3	1.0
Purchase of property, plant and equipment	(3.1)	(3.5)	(11.1)
Purchase of intangible assets	(1.0)	(1.8)	(5.4)
Purchase of capitalised mobilisation costs	(1.0)	-	(1.9)
Proceeds from sale of investment property	3.6	-	-
Investment in joint ventures	(16.9)	(21.3)	(60.9)
Loan repayment and return of equity from joint ventures	18.1	4.5	9.9
Net cash used in investing activities	(0.3)	(20.8)	(68.4)
Cash flows from financing activities
Issue of shares	-	0.4	0.4
Purchase of own shares via employee benefit trust	(15.3)	(7.4)	(9.7)
Purchase of own shares via share buyback	(13.8)	-	(6.4)
Interest paid	(19.6)	(19.9)	(40.6)
Principal elements of lease payments	(22.6)	(23.1)	(47.5)
Cost of raising finance	(1.6)	-	-
Drawdown of borrowings	-	5.3	4.7
Repayment of borrowings	-	-	(44.3)
Settlement of derivative financial instruments	-	-	7.2
Dividends paid	(22.7)	(15.2)	(24.1)
Net cash used in financing activities	(95.6)	(59.9)	(160.3)
(Decrease)/increase in cash, cash equivalents and bank overdrafts	(101.5)	(102.9)	6.3
Opening cash, cash equivalents and bank overdrafts	468.0	461.7	461.7
Closing cash, cash equivalents and bank overdrafts	366.5	358.8	468.0

	FY Jun 26	FY Jun 25
Revenue to operating profit
Revenue	4,352.5	4,077.1
Gross profit	380.5	330.8
Adjusted operating profit	169.8	159.1
Operating profit	118.7	113.7
Depreciation (owned assets)	6.2	5.6
Depreciation (right-of-use)	47.8	46.1
Amortisation	31.3	38.7
Share-based payments	11.2	8.9
Operating profit to net income
Fair value gains / losses	(12.3)	(7.6)
Finance costs	(42.6)	(43.6)
Profit before tax	83.8	78.1
Tax	(22.0)	(21.7)
Net income (owners)	61.7	56.4
Per share
EPS basic	14.1p	12.8p
EPS diluted	13.5p	12.1p
Dividend per share	7.8p	7.2p

	H2 Jun 26	H1 Dec 25	H2 Jun 25	H1 Dec 24
Revenue to operating profit
Revenue	2,340.3	2,012.2	2,104.1	1,973.0
Gross profit	225.2	155.3	184.5	146.3
Adjusted EBITDA	–	100.8	–	100.5
EBITDA	–	90.1	–	90.9
Adjusted operating profit	98.8	71.0	92.5	66.6
Operating profit	68.8	49.9	68.0	45.7
Depreciation (owned assets)	3.0	3.2	2.9	2.7
Depreciation (right-of-use)	25.8	22.0	23.8	22.3
Share-based payments	6.1	5.1	4.8	4.1
Operating profit to net income
Fair value gains / losses	(10.4)	(1.9)	(7.4)	(0.2)
Finance costs	(21.9)	(20.7)	(22.2)	(21.4)
Profit before tax	51.2	32.6	49.5	28.6
Tax	(14.1)	(7.9)	(13.5)	(8.2)
Net income (owners)	37.0	24.7	36.0	20.4
Per share
EPS basic	8.4p	5.7p	8.2p	4.6p
EPS diluted	8.1p	5.4p	7.7p	4.4p
Dividend per share	5.2p	2.6p	5.2p	2.0p

	FY Jun 26	FY Jun 25
Operating activities
Cash from operations	229.4	235.0
Interest paid	(39.2)	(40.6)
Tax paid	(2.9)	(1.8)
Investing activities
Capex (PP&E)	(5.9)	(11.1)
Capex (intangibles)	(4.7)	(5.4)
Financing activities
Lease principal paid	(53.2)	(47.5)
Dividends paid	(34.1)	(24.1)
Share buybacks	(22.3)	(6.4)
Shares issued	0.0	0.4

	H2 Jun 26	H1 Dec 25	H2 Jun 25	H1 Dec 24
Operating activities
Cash from operations	235.0	(5.6)	257.2	(22.2)
Interest paid	(19.6)	(19.6)	(20.7)	(19.9)
Tax paid	(0.8)	(2.1)	(0.9)	(0.9)
Investing activities
Capex (PP&E)	(2.8)	(3.1)	(7.6)	(3.5)
Capex (intangibles)	(3.7)	(1.0)	(3.6)	(1.8)
Financing activities
Lease principal paid	(30.6)	(22.6)	(24.4)	(23.1)
Dividends paid	(11.4)	(22.7)	(8.9)	(15.2)
Share buybacks	(8.5)	(13.8)	(6.4)	0.0
Shares issued	0.0	0.0	0.0	0.4

	30 Jun 26	30 Jun 25
Non-current assets
Other intangibles	583.1	608.4
Property, plant & equipment	20.5	28.0
Investment property	107.6	100.6
Associates & JVs	158.7	145.8
Non-current assets	1,281.2	1,277.1
Current assets
Inventories	64.6	65.6
Trade receivables	255.9	202.8
Cash	1,899.6	1,689.4
Current assets	2,652.9	2,275.4
Total assets	3,934.1	3,552.5
Current liabilities
Trade payables	1,134.2	1,105.7
Borrowings, current	–	0.0
Lease liabilities, current	52.7	40.8
Current liabilities	2,963.4	2,589.0
Non-current liabilities
Borrowings, non-current	265.2	263.9
Lease liabilities, non-current	125.3	110.3
Pension surplus / (deficit)	–	74.1
Non-current liabilities	459.3	446.3
Total liabilities	3,422.7	3,035.3
Equity
Non-controlling interests	0.0	(0.1)
Total equity	511.4	517.2
Net cash and other figures
Net cash / (debt) ex leases	232.4	204.1
Shares in issue	452.9m	452.9m
Treasury shares	15.0m	4.6m
Order book	11,900.0	11,000.0

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Other intangibles	583.1	–	608.4	–
Property, plant & equipment	20.5	27.9	28.0	26.7
Investment property	107.6	98.5	100.6	95.5
Associates & JVs	158.7	140.2	145.8	107.7
Non-current assets	1,281.2	1,286.7	1,277.1	1,246.0
Current assets
Inventories	64.6	68.0	65.6	94.8
Trade receivables	255.9	337.8	202.8	234.4
Cash	1,899.6	1,134.7	1,689.4	1,136.7
Current assets	2,652.9	1,864.7	2,275.4	1,768.4
Total assets	3,934.1	3,151.4	3,552.5	3,014.4
Current liabilities
Trade payables	1,134.2	985.6	1,105.7	969.7
Borrowings, current	–	0.0	0.0	64.5
Lease liabilities, current	52.7	41.0	40.8	38.6
Current liabilities	2,963.4	2,177.0	2,589.0	2,077.3
Non-current liabilities
Borrowings, non-current	265.2	263.6	263.9	243.2
Lease liabilities, non-current	125.3	126.4	110.3	116.7
Pension surplus / (deficit)	–	96.5	74.1	81.6
Non-current liabilities	459.3	453.6	446.3	439.2
Total liabilities	3,422.7	2,630.6	3,035.3	2,516.5
Equity
Non-controlling interests	0.0	(0.1)	(0.1)	(0.1)
Total equity	511.4	520.8	517.2	497.9
Net cash and other figures
Net cash / (debt) ex leases	232.4	102.9	204.1	57.9
Shares in issue	452.9m	452.9m	452.9m	452.9m
Treasury shares	15.0m	11.0m	4.6m	0.0m
Order book	11,900.0	11,600.0	11,000.0	11,000.0

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