Full Year 2024 Kier Group PLC Earnings Call Transcript
Key Points
- Kier Group PLC (KIERF) reported significant revenue growth of over GBP560 million for FY24, with improved profitability and strong cash generation.
- The company's order book increased by 7% year over year to GBP10.8 billion, providing multiyear revenue visibility and securing over 90% of FY25 revenue.
- Kier Group PLC (KIERF) successfully delivered the acquisition of Buckingham Group's rail assets and refinanced the group, enhancing financial resilience.
- A final dividend of 3.48p per share was proposed, reflecting confidence in the business and a total dividend of 5.15p per share for FY24.
- The company achieved an adjusted operating margin of 3.8%, surpassing its medium-term value creation plan target, and reported a 31% increase in statutory profit before tax.
- Despite the positive financial performance, the company faced continued, albeit lower, inflationary pressures impacting profitability.
- The construction segment experienced a year-on-year reduction in margin due to a change in mix and increased overheads to support additional site starts.
- The property business faced a challenging environment with scheme evaluations, developments, and transactions being delayed due to market conditions.
- The group's accident incident rate increased by 76% over FY23, indicating a decline in safety performance compared to the previous year.
- The company anticipates a potential GBP20 million net exposure related to fire and cladding costs, following regulatory changes.
Okay. We'll start. So good morning, everyone, and thank you for joining us for our full year 2024 results presentation. And for those of you here in person, I'd like to extend a warm welcome to those who are joining -- for those of you joining on the webcast and on audio as well. I'm Andrew Davies, I'm Chief Executive of Kier Group; and I'm joined today by Simon Kesterton, our Chief Financial Officer.
So this morning, I'll walk you through the highlights from the last 12 months to 30 June 2024 and then hand you over to Simon to talk through the group's financial performance. And this will be followed by an operational review, which I'll give an update on ESG, and we'll finish off with our outlook. And then there will be an opportunity for questions and answers at the end, both here in the room and thereafter online as well.
So if we go through the disclaimer and the results summary and moving to the highlights to the year here on slide 4. So the past three years I've seen the Group achieved significant
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