Half Year 2020 Kier Group PLC Earnings Call Transcript
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so results in lower sales of GBP 18 million, and a further GBP 18 million is driven by lower Property sales where capital deployed is being reduced. This will result in the current first half of this year's revenue being GBP 1.9 billion.
Now moving to the profit bridge. We again start on the left-hand side with last year's operating profit of GBP 42 million. The accounting change from IFRS 16 has increased profits by GBP 3.4 million. Amending for this amount results in 6 months profit like-for-like growth of 3.4%. The volume mix and price declines have resulted in a decline of GBP 23 million. And in addition, we see Property results being GBP 8 million lower than last year. Inflation is a minimal amount of GBP 1.2 million. All of these have been mitigated by the decisive management actions that Andrew has talked you through earlier. Cost savings of GBP 23 million have been realized in the period as headcount reduces, and the exiting of FM and ES contracts has resulted in a GBP 10 million improvement from last year. The result is GBP 46.7 million operating profit.
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