Industry

15 APR 2019

NEW KIER BOSS TO SPEARHEAD BUSINESS REVIEW OF THE FIRM

Kier Group has announced that new boss Andrew Davies will lead a strategic review of the construction firm that will look to streamline operations and create a more focused company.

On taking the role today, Davies said the review will consider ways of further simplifying the firm and would build on work that has already been undertaken by the board in recent months. It will be additional to the previously announced Future Proofing Kier programme.

His appointment, which was announced in March, sees him replace Philip Cox, who has resumed the role of non-executive chairman.

The review is to explore ways to streamline Kier, and to look at the allocation of capital resources across the group with additional steps to improve cash generation and reduce leverage.

Davies replaces former boss Haydn Mursell, who left in the wake of Kier’s £250m emergency rights issue, which was snubbed by nearly two-thirds of investors.

The latest move comes after it was revealed that Kier posted a pre-tax loss of £35.5m in the second half of 2018 due to problem contracts and mounting debts.

Davies who was formerly chief executive of property and construction company Wates Group has also spent more than 28 years at BAE Systems.

The outcome of the fresh business review will be announced in July just after its June year end.

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