- Net debt continue to fall
- Several new business wins
Coming on top of the reintroduction of dividend payments, Kier Group (KIE) is to implement a £20mn share buyback programme after its board reviewed the group’s financial strength and its capital allocation policy.
The infrastructure/construction group felt able to return capital to shareholders after a period of strengthening cash generation. Indeed, free cash flow increased by 41 per cent to £186mn at its June year-end. This has enabled Kier to deleverage its balance sheet, closing out that period with net debt representing a lowly 2 per cent of net assets.