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Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

<p>Kier Group delivered solid FY25 results, with revenue up 3% y-o-y to £4.1bn and adjusted operating profit up 6% y-o-y to £159m, lifting the adjusted operating margin 10bp to 3.9%. Strong cash generation enabled Kier Group to report a FY25 net cash position of £204m, a dramatic improvement from the FY21 net debt of £582m. Outgoing CEO Andrew Davies has done an excellent job restoring Kier Group to health. The FY25 dividend of 7.2p is 38% above FY24’s 5.2p, and the ongoing £20m share buyback adds weight to a confirmed ‘recovered’ story. The £11.0bn end-2025 order book gives 91% visibility on FY26 revenues and 70% on FY27. Management reiterated its 4.0–4.5% margin target, supported by improving portfolio mix and disciplined bidding. On the FY25 call, management said early FY26 trading is slightly ahead of expectations.</p>

Kier Group delivered solid FY25 results, with revenue up 3% y-o-y to £4.1bn and adjusted operating profit up 6% y-o-y to £159m, lifting the adjusted operating margin 10bp to 3.9%. Strong cash generation enabled Kier Group to report a FY25 net cash position of £204m, a dramatic improvement from the FY21 net debt of £582m. Outgoing CEO Andrew Davies has done an excellent job restoring Kier Group to health. The FY25 dividend of 7.2p is 38% above FY24’s 5.2p, and the ongoing £20m share buyback adds weight to a confirmed ‘recovered’ story. The £11.0bn end-2025 order book gives 91% visibility on FY26 revenues and 70% on FY27. Management reiterated its 4.0–4.5% margin target, supported by improving portfolio mix and disciplined bidding. On the FY25 call, management said early FY26 trading is slightly ahead of expectations.

Kier Group — New CEO, stability and an improving order book

United Kingdom

Kier Group plc is a property, residential, construction and services group operating across a range of sectors including defence, education, housing, industrials, power, transport and utilities. The Company has operations in the UK, the Caribbean, the Middle East, Hong Kong and Australia.

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Kier Group PLC (KIE LN)

Kier Group — New CEO, stability and an improving order book

Kier Group delivered solid FY25 results, with revenue up 3% y-o-y to £4.1bn and adjusted operating profit up 6% y-o-y to £159m, lifting the...

Edison Investment Research

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