Kier Group plc (LSE:KIE) said trading for the six months to 31 December 2025 was in line with expectations, underpinned by a record order book of £11.6 billion. The group noted that around 94% of forecast FY26 revenue is already secured, providing strong forward visibility.
Kier also marked a significant balance-sheet improvement, achieving an average month-end net cash position of approximately £15 million, compared with net debt at the same point last year. The company expects to report a materially higher period-end net cash balance than in the prior year, highlighting the progress made in strengthening financial resilience. Recent contract awards included work under British Airways’ Better Buildings framework, Southern Water’s AMP8 programme, an extension at Hinkley Point C, major education schemes and the Government Property Agency’s hub in Darlington. Within property, the group secured planning consent for an industrial development in Manchester and completed a logistics project in Milton Keynes.
Strategically, Kier has merged its Transportation and Natural Resources, Nuclear & Networks operations into a single Infrastructure division, aiming to better capture opportunities arising from increased UK government infrastructure investment. The leadership team has also been reinforced with the appointment of Tom Hinton as chief financial officer and Martin Staehr as managing director of Construction, moves intended to support the group’s next phase of growth.
Overall, Kier’s outlook is supported by strong trading momentum, improved cash generation and a highly visible pipeline of work. While leverage remains an area of focus, recent operational and financial progress, alongside a reasonable valuation, provides a more constructive backdrop for the shares.
More about Kier Group plc
Kier Group plc is a leading UK infrastructure services, construction and property company, delivering design-and-build and project management solutions across sectors including transport, education, healthcare, justice, defence, water, energy, aviation and nuclear. The group applies specialist technical expertise and integrated delivery capabilities to complex projects for both public- and private-sector clients throughout the UK.
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