Kier CEO Davies to retire as posts record PS11 billion order book
Kier Group PLC on Tuesday said its Chief Executive Officer Andrew Davies will retire at the end of October, as the group reported a record order book.
Davies, who has led the Salford, England-based infrastructure services, construction and property group since 2019, will step down on October 31 and be succeeded the following day by Stuart Togwell, currently group managing director of Construction.
Chair Matthew Lester praised Davies for ‘exceptional leadership’ that had ‘transformed Kier,’ returning the company to the FTSE 250, reinstating dividends, and improving its financial strength.
Davies said: ‘It has been an absolute privilege to lead Kier and to transform the Group into a strong and sustainable business that benefits all stakeholders.’
Shares in Kier were down 5.3% to 198.80 pence in London on Tuesday morning.
The leadership announcement was accompanied by a trading update for the year ended June 30, with Kier stating that both revenue and profit are expected to be in line with the board’s expectations.
The group cited strong operational performance across divisions, highlighting growth in its Water business and key project completions in its Property unit.
Construction volumes were steady, while the order book climbed to around £11.0 billion, up from £10.8 billion a year earlier. Kier said it has already secured 88% of forecast revenue for financial 2026.
Kier reported a net cash position of £204 million at year-end, up 22% from £167 million in June 2024, driven by operating cash flow and working capital inflows. Average month-end net debt improved to £49 million from £116 million a year earlier.
A £20 million share buyback launched in January is well underway and expected to complete in the first half of financial 2026.
Davies said: ‘The group has performed strongly in financial 2025, and is delivering well against its long-term sustainable growth plan. This performance underpins the creation of strong and sustainable value for shareholders.’
Full-year results will be published on September 16.
Copyright 2025 Alliance News Ltd. All Rights Reserved.