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1 Significant accounting policies
Kier Group plc (the Company) is a public limited company which is listed on the London
Stock Exchange and incorporated and domiciled in the UK. The Company\u2019s registered
number is 2708030. The address of the registered office is 2nd Floor, Optimum House,
Clippers Quay, Salford, England, M50 3XP.
The consolidated financial statements of the Company for the year ended 30 June 2025
comprise the Company and its subsidiaries (together referred to as the Group) and the
Group\u2019s interest in joint arrangements.
The consolidated financial statements were approved by the Directors on 15 September 2025.
Statement of compliance
The Group\u2019s consolidated financial statements have been prepared in accordance
with UK-adopted International Accounting Standards effective for accounting periods
beginning on or after 1 July 2024 and with the requirements of the Companies Act 2006
as applicable to companies reporting under those standards.
The Company has elected to prepare its parent company financial statements in
accordance with the FRS 101 \u2018Reduced Disclosure Framework\u2019. These are presented
on pages 183\u2013187.
Basis of preparation
The financial statements are presented in pounds sterling. They have been prepared on
the historical cost basis except for investment properties, defined benefit pension plans
and derivative financial instruments which are stated at their fair value, and the IFRS 2
share-based payments charge which is based on the fair value of the options granted.
The following amendments to standards are effective for the financial year ended
30 June 2025 onwards:
\u2022 Amendments to IAS 1 \u2018Presentation of Financial Statements\u2019 on classification of
liabilities as current or non-current and disclosures for non-current liabilities
with covenants
\u2022 Amendments to IFRS 16 \u2018Leases\u2019 in relation to the lease liability in a sale and leaseback
\u2022 Amendments to IAS 7 and IFRS 7 regarding supplier finance arrangements
The amendments listed above did not have any impact on the amounts recognised
in the current or prior periods and are not expected to significantly affect future periods .
The following new standards and amendments to standards have been issued but were
not yet effective and therefore have not been applied in these financial statements:
\u2022 IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (not yet UK endorsed)
\u2022 IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019 (not yet UK endorsed)
\u2022 Amendments to IAS 21 concerning lack of foreign currency exchangeability
\u2022 Amendments to IFRS 9 and IFRS 7 regarding the classification and measurement
of financial instruments
\u2022 Annual improvements to IFRS \u2014 Volume 11
\u2022 Amendments to IFRS 9 and IFRS 7 (not yet UK endorsed) regarding contracts
referencing nature-dependent electricity
IFRS 18 sets out new requirements for the presentation and disclosure of information
in the financial statements and, subject to UK endorsement, will be effective for the first
time in Kier\u2019s financial statements for the year ending 30 June 2028. The new standard
will have an impact on how information is reported, with a focus on the presentation of
the income statement, and could also change the extent of information disclosed in the
notes to the financial statements. IFRS 18 will not impact the recognition or measurement
of items in the financial statements and therefore won\u2019t have an impact on Kier\u2019s overall
results; however, it might change what Kier reports as its \u2018operating profit\u2019.
IFRS 19 is only relevant to eligible subsidiary financial statements and as such will have
no impact on Kier\u2019s consolidated Group financial statements or the individual financial
statements of Kier Group plc.
Amendments to IFRS 9 add requirements for the timing of recognition and derecognition
of some financial assets and liabilities. Kier currently adjusts its bank balance for
cash-in-transit when electronic payments are initiated, derecognising the associated
payables and receivables at the same time. The amendments will mean that Kier will
only recognise cash receipts when they have been received into the bank account
and payments made by electronic payment systems only when they can no longer
be practically cancelled. The amendments will be effective for the first time for the
financial year ending 30 June 2027.
No significant net impact from the adoption of the other amendments to standards
listed above is expected. The Group has chosen not to adopt any of the above
standards or amendments earlier than required.
Going concern
In determining the appropriate basis of preparation of the financial statements,
the Directors are required to consider whether the Group can continue in operational
existence during the going concern period, which the Directors have determined to
be until 31 December 2026.
The Directors have carried out an assessment of the Group\u2019s ability to continue as
a going concern for the period of at least 12 months from the date of approval of the
financial statements. This assessment has involved the review of cash flow forecasts for
the period to 31 December 2026 for each of the Group\u2019s divisions; and also considered
recent historical trading performance where the Group\u2019s cash flow forecasts have been
achieved. The Directors have also considered the strength of the Group\u2019s order book
which amounted to \u00a311.0bn at 30 June 2025 and will provide a pipeline of secured work
over the going concern assessment period.
The Directors have considered a number of stressed but plausible downside scenarios
in assessing going concern:
\u2022 potential reductions in trading volumes;
\u2022 potential future challenges in respect of ongoing projects;
\u2022 project inflation and subcontractor insolvency;
\u2022 plausible changes in the interest rate environment;
\u2022 other potential issues, including the cost of adoption of green legislation; and
\u2022 the availability of proportionate and reasonable mitigating actions that could be
taken by management in such a scenario.
The Directors also considered the macroeconomic and political risks affecting the UK
economy. The Directors noted that the Group\u2019s forecasts are underpinned by a significant
proportion of revenue that is either secured or considered probable, often as part of
long-term framework agreements. The Group operates primarily in sectors such as
road, rail, water, energy, prisons, health and education, which are considered likely to
remain largely unaffected by macroeconomic factors and will continue to benefit from
sustained Government investment commitments reinforced in the June Spending Review.
Although inflationary pressures remain a risk, both in the supply chain and the labour
market, this is partly mitigated by c.60% of contracts being target cost or cost plus.
The Directors have also considered the potential impact of climate change and do
not consider the Group\u2019s operations are at risk from physical climate-related risks such
as hurricanes and temperature changes in the short term. In the medium term the
Directors have concluded that any adverse financial impacts from required changes
to operations in line with ESG requirements will be offset by opportunities which present
the Group with additional volumes and profits, such as construction of sustainable
buildings, climate impact and water management, as well as nuclear infrastructure.
As such, the longevity of the Group\u2019s business model means that climate change has
no material adverse impact on going concern.
In January 2025, the Group repaid the remaining \u00a337.3m USPP notes and reduced its RCF
facility by \u00a3111m, the result being that the Group now has \u00a3400m of committed facilities,
consisting of five-year \u00a3250m Senior Notes maturing in February 2029 and a \u00a3150m RCF
facility to March 2027.
Having reviewed the Group\u2019s cash flow forecasts, the Directors consider that the Group
is expected to continue to have available liquidity headroom under its finance facilities
and operate within its financial covenants over the going concern period, including in
a severe but plausible downside scenario.
As a result, the Directors are satisfied that the Group has adequate resources to meet its
obligations as they fall due for a period of at least 12 months from the date of approving
these financial statements and, for this reason, they continue to adopt the going concern
basis in preparing these financial statements.
Climate-related matters
As reported in the TCFD report (on pages 54\u201359) and the principal risks on page 67, the
Group has assessed the risks and implemented policies in relation to climate-related
matters. In preparing these financial statements, the Directors have considered the
impact of these climate-related matters on the various estimates and assumptions
used in the accounts, particularly in the following areas: going concern and viability
assessments; cash flow forecasts used for impairment assessments of non-financial
assets, including goodwill; the useful economic lives of property, plant and equipment;
and judgements in relation to long-term contracts.
There has been no material impact on the financial statements for the current year
in respect of financial adjustments resulting from climate-related matters.
Basis of consolidation
(a) Subsidiaries
The consolidated financial statements comprise the financial statements of the
Company and subsidiaries controlled by the Company drawn up to 30 June 2025.
Control exists when the Group has direct or indirect power to govern the financial
and operating policies of an entity so as to obtain economic benefits from its activities.
Subsidiaries are included in the consolidated financial statements from the date that
control transfers to the Group until the date that control ceases.
Business combinations are accounted for using the acquisition method as at the
acquisition date, which is the date on which control is transferred to the Group. Control
is the power to govern the financial and operating policies of an entity so as to obtain
benefits from its activities. In assessing control, the Group takes into consideration
potential voting rights that currently are exercisable.
If a business combination is achieved in stages, the acquisition date carrying value of
the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value
at the acquisition date; any gains or losses arising from such remeasurements are
recognised in profit or loss.
The Group measures goodwill at the acquisition date as:
\u2022 the fair value of the consideration transferred; plus
\u2022 the recognised amount of any non-controlling interests in the acquiree; plus
\u2022 if the business combination is achieved in stages, the fair value of the existing equity
interest in the acquiree; less
\u2022 the net recognised amount (generally fair value) of the identifiable assets acquired
and liabilities assumed.
When the result is negative, a \u2018bargain purchase\u2019 gain is recognised immediately
in the income statement.
Provisional fair values allocated at a reporting date are finalised within 12 months
of the acquisition date.
The consideration transferred does not include amounts related to the settlement
of pre-existing relationships. Such amounts are generally recognised in the income
statement. Costs related to the acquisition, other than those associated with the
issue of debt or equity securities, that the Group incurs in connection with a business
combination are expensed as incurred. Any contingent consideration payable is
recognised at fair value at the acquisition date. Subsequent changes to the fair value
of the contingent consideration are recognised in the income statement unless the
contingent consideration is classified as equity, in which case settlement is accounted
for within reserves.
Accounting policies of subsidiaries are adjusted where necessary to ensure consistency
with those used by the Group. All intra-Group transactions, balances, income and
expenses are eliminated on consolidation.
(b) Joint arrangements
A joint arrangement is a contractual arrangement whereby the Group undertakes
an economic activity that is subject to joint control with third parties.
The Group\u2019s interests in joint ventures are accounted for using the equity method.
Under this method the Group\u2019s share of the profits less losses of joint ventures is
included in the consolidated income statement and its interest in their net assets is
included in investments in the consolidated balance sheet. Where the share of losses
exceeds the Group\u2019s interest in the entity and there is no obligation to fund these losses
the carrying amount is reduced to nil, following which no further losses are recognised.
The Group's interest in the entity is the carrying amount of the investment together with
any long-term interests that, in substance, form part of the net investment in the entity.
From time to time the Group undertakes contracts jointly with other parties. These fall
under the category of joint operations as defined by IFRS 11. In accordance with IFRS 11,
the Group accounts for its own share of sales, profits, assets, liabilities and cash flows
measured according to the terms of the agreements.
Foreign currencies
Transactions denominated in foreign currencies are recorded at the exchange rates in
effect when they take place. Resulting monetary foreign currency denominated assets
and liabilities are translated at the exchange rates ruling at the balance sheet date.
Exchange differences arising from foreign currency transactions are reflected in the
income statement.
Items included in the financial statements of each of the Group\u2019s subsidiaries are
measured using the currency of the primary economic environment in which each
entity operates (the functional currency). The consolidated financial statements are
presented in GBP, which is the Group\u2019s presentation currency.
The assets and liabilities of overseas subsidiary undertakings are translated at the rate
of exchange ruling at the balance sheet date. Trading profits or losses are translated at
average rates prevailing during the accounting period. Differences on exchange arising
from the retranslation of net investments in overseas subsidiary undertakings at the
year-end rates are recognised in other comprehensive income. All other translation
differences are reflected in the income statement.
Revenue and profit recognition
Revenue from contracts with customers is recognised when control of the goods or
services are transferred to the customer at an amount that reflects the consideration
to which the Group expects to be entitled in exchange for those goods or services, net
of value added tax, rebates and discounts and after eliminating sales within the Group.
It also includes the Group\u2019s proportion of work carried out under jointly controlled operations.
The general principles for revenue and profit recognition across the Group are as follows:
\u2022 provision is made for any unavoidable future net losses arising from contract obligations,
as soon as they become apparent. These are accounted for under IAS 37 and are
shown as onerous contract provisions in note 24;
\u2022 additional consideration for contract modifications (variations) is only included in
revenue (or the forecast contract out-turn) if the scope of the modification has been
approved by the customer. If the scope of the modification has been approved but
the parties have not yet determined the corresponding change in the contract price,
an estimate of the change to the transaction price is made and included in calculating
revenue to the extent that it is highly probable that a significant reversal of the amount
in cumulative revenue recognised will not occur;
\u2022 contract modifications are treated as separate contracts if the scope of the contract
increases because of the addition of promised goods or services that are distinct,
and the price of the contract increases by an amount of consideration that reflects
the Group\u2019s stand-alone selling prices of the additional promised goods or services
and any appropriate adjustments to that price to reflect the circumstances of the
particular contract;
\u2022 variable consideration amounts (gain-share amounts, KPI bonuses, milestone bonuses,
compensation event claims, etc.) are included in revenue (or forecasts to completion)
only to the extent that it is highly probable that a significant reversal of the amount in
cumulative revenue recognised will not occur;
\u2022 liabilities for customer refunds (liquidated damages, pain-share amounts, KPI penalties, etc.)
are accounted for as a reduction in revenue (or in forecasting contract out-turns) as
soon as it is expected that the Group will be required to refund some or all of the
consideration it has received from the customer;
\u2022 where revenue that has been recognised is subsequently determined not to be
recoverable due to the inability of a customer to meet its payment obligations,
these amounts are charged to administrative expenses as a credit loss;
\u2022 claims against third parties (such as insurance recoveries and claims for cost
reimbursements) outside of normal supplier price adjustments are recognised
only when the realisation of income is virtually certain. The associated income
is accounted for as reduction in costs rather than revenue; and
\u2022 contract mobilisation is not considered to be a separate performance obligation
in most situations, as the customer receives little or no benefit from mobilisation
activities. Any consideration received from the customer in relation to the mobilisation
phase of a contract is deferred and recognised as additional revenue relating to the
performance obligations in the contract that benefit the customer.
If the timing of payments agreed with the customer provides the Group or the customer
with a significant benefit of financing the transfer of goods or services, the amount of
consideration is adjusted for the effects of the time value of money. The Group does not
make an adjustment for the time value of money in the following circumstances:
\u2022 when the Group expects, at contract inception, that the period between the entity
transferring a good or service and the customer paying for it will be one year
or less; or
\u2022 where the timing of the payments is for commercial rather than financing reasons,
e.g. construction contract retentions, where the payment terms are to provide the
customer with protection from Kier failing to adequately complete some or all of its
obligations under the contract.
Revenue and profit recognition policies applied to specific businesses are as follows:
(a) Construction contracts
Revenue is recognised on construction services over time as the benefit is transferred
to the customer. The Group uses an input method to measure progress. The percentage
of completion is measured using cost incurred to date as a proportion of the estimated
full costs of completing the contract and is applied to the total expected contract
revenue to determine the revenue to be recognised to date.
The assessment of the final outcome of each contract is determined by regular review
of the revenues and costs to complete that contract. Consistent contract review
procedures are in place in respect of contract forecasting.
(b) Services
Revenue and profit from services rendered, which include facilities management,
transportation network maintenance and utilities maintenance is recognised over
time as the service is performed. Progress on capital works and infrastructure renewal
projects is measured using costs incurred as a percentage of the estimated full costs
of completing the performance obligation.
Where the contract includes bundled services, and those services are distinct, the
transaction price is allocated to each performance obligation identified in the contract
based on the relative stand-alone selling prices of each of the performance obligations.
Revenue is then recognised independently when each of the performance obligations
is satisfied.
If, as part of an overall service provision, the Group arranges for certain goods or
services to be provided to a customer by another party, without taking control over
those goods or services, the Group is considered to be acting as an agent in the
provision of those goods or services. In these circumstances, amounts received from
the customer are netted off the associated cost of the goods or services, with only the
Group\u2019s fee or commission element recognised as revenue.
Any variable consideration (e.g. performance bonus) attributable to a single performance
obligation is allocated entirely to that performance obligation. Where variable consideration
is attributable to the entire contract and is not specific to part of the contract, the
consideration is allocated based on the stand-alone selling prices of each of the
performance obligations within the contract.
Service contracts are reviewed monthly to assess their future operational performance
and profitability.
(c) Property development
Revenue in respect of property developments is recorded on unconditional exchange
of contracts for the sale of finished developments. Profit taken is subject to any amounts
necessary to cover residual commitments relating to development performance.
Where developments are sold in advance of construction being completed, revenue
and profit are recognised at the point of sale, reflecting the transfer of control to the
customer in its current stage of completion. Thereafter, revenue for construction
services provided to the customer to complete the property is recognised over time in
line with the percentage of completion, consistent with the Group\u2019s accounting policy
for recognition of revenue on construction contracts.
Where consideration is paid in advance of the development\u2019s construction phase at
a price less than market value, revenue is recognised on a discounted basis to reflect
a financing component of the transaction. This revenue and forward funded interest
unwinds as the construction takes place.
(d) Private Finance Initiative (PFI) service concession agreements
Revenue relating to construction or upgrade services under a service concession
agreement is recognised based on the stage of completion of the work performed,
consistent with the Group\u2019s accounting policy on recognising revenue on
construction contracts.
Operation or service revenue is recognised in the period in which the services were
provided by the Group. When the Group provides more than one service in a service
concession agreement, the consideration received is allocated by reference to the
relative stand-alone selling prices of the services delivered.
Pre-contract and contract mobilisation costs
Pre-contract costs to obtain a contract that would have been incurred irrespective
of whether the contract was obtained are recognised as an expense when incurred,
unless those costs are explicitly chargeable to the customer irrespective of whether
the contract is obtained.
Mobilisation costs incurred in respect of a specific contract that has been won or an
anticipated contract that is expected to be won (e.g. when the Group has secured
preferred bidder status) are carried forward in the balance sheet as capitalised
mobilisation costs if: the costs generate or enhance resources of the Group that will
be used in satisfying (or in continuing to satisfy) performance obligations in the future;
and the costs are expected to be recovered (i.e. the contract is expected to be sufficiently
profitable to cover the mobilisation costs).
The vast majority of contracts incurring significant mobilisation costs are contracts that
exceed 12 months in duration. The Group\u2019s policy is therefore to show its capitalised
mobilisation costs as a non-current asset, amortised over the expected contract duration.
Warranties and rectification costs
The Group does not offer extended insurance-type warranties at an additional cost
to the customer (which would represent separate performance obligations). Standard
industry assurance-type warranties are provided and are accounted for as rectification
cost provisions based on the estimated costs of making good any latent defects.
Alternative performance measures
IAS 1 permits an entity to present additional information for specific items to enable
users to better assess the entity\u2019s financial performance. The Directors have considered
the requirements of applicable accounting standards, along with additional guidance
around alternative performance measures (APMs) and believe it is appropriate to
inform users regarding various items and disclose those items which are deemed
one-off, material or non-recurring in size or nature, in alignment with the Group\u2019s
internal management reporting.
As such, the Group is disclosing as supplementary information an \u2018Adjusted profit\u2019
APM which is reconciled to statutory profit in the notes to the financial statements and
is consistent with IFRS 8 segmental reporting.
Separate presentation of these items is intended to enhance understanding of the
financial performance of the Group in the particular year under review and the
extent to which results are influenced by material unusual and/or non-recurring items.
The Directors review segmental results under an adjusted items basis to analyse the
performance of operating segments.
The Directors exercise judgement in determining the classification of certain items as
adjusting using quantitative and qualitative factors. In assessing whether an item is an
adjusting item, the Directors give consideration, both individually and collectively, as to
an item\u2019s size, the specific circumstances which have led to the item arising and if the
item is likely to recur, or whether the matter forms part of a group of similar items.
Amortisation of acquired intangible assets and certain financing costs are also
included as adjusting items on the basis of being ongoing non-cash items generated
from acquisition-related activity.
A full reconciliation from statutory numbers to adjusted profit measures has been
presented in note 5.
The Group presents revenue including share of joint ventures as an alternative
performance measure. The Directors believe this is a useful measure as it provides
visibility over the scale of the Group\u2019s operations, particularly within its Property business
where a significant proportion of developments are set up in joint ventures.
The Group also presents cash outflow from adjusting items, free cash flow and net
cash/debt as alternative performance measures. The Directors consider that these
provide useful information about the Group\u2019s liquidity and debt profile.
A glossary of alternative performance measures is included on page 189.
Finance income and costs
Interest receivable and payable on bank balances is credited or charged to the income
statement as incurred using the effective interest rate method. In the cash flow statement,
interest received is presented within operating cash flows and interest paid is presented
within cash flows from financing activities.
Borrowing costs are capitalised where the Group constructs qualifying assets.
All other borrowing costs are written off to the income statement as incurred.
Borrowing costs incurred within the Group\u2019s jointly controlled entities relating to the
construction of assets in PFI and PPP projects are capitalised until the relevant assets
are brought into operational use.
Notional interest payable, representing the unwinding of the discount on long-term
liabilities and provisions, is charged to finance costs.
Taxation
Income tax comprises current and deferred tax. Income tax is recognised in the income
statement except to the extent that it relates to items recognised directly in equity, in
which case it is recognised in equity.
Current tax is the expected tax payable on taxable income for the year, using tax rates
enacted or substantively enacted at the balance sheet date, and any adjustment to tax
payable in respect of previous years.
Deferred tax is provided using the balance sheet method, providing for temporary
differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes. The deferred tax provision is
based on the expected manner of realisation or settlement of the carrying amount
of the assets and liabilities, using tax rates enacted or substantively enacted at the
balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable
profits will be available against which the asset can be utilised. Deferred tax assets are
reduced to the extent that it is no longer probable that the related tax benefit will be
realised or where offsetting temporary differences are not available.
Deferred tax assets and liabilities are offset where there is a legally enforceable right to
offset current tax assets and liabilities and where the deferred tax balances relate to the
same taxation authority. Current tax assets and liabilities are offset where the entities
have a legally enforceable right to offset and intend to settle on a net basis, or to realise
the asset and settle the liability simultaneously.
The Group participates in the UK Government\u2019s Research and Development Expenditure
Credit (RDEC) tax incentive scheme. Credits receivable under the RDEC scheme are
recognised within operating profit and are treated as taxable income. Amounts receivable
in respect of RDEC claims are included on the balance sheet within other receivables.
Goodwill and other intangible assets
Goodwill arising on consolidation represents the excess of the consideration over the
Group\u2019s interest in the fair value of the identifiable assets and liabilities of a subsidiary.
Goodwill is recognised as an asset and reviewed for impairment at least annually. Any
impairment is recognised immediately in the income statement and is not subsequently
reversed. Negative goodwill is recognised in the income statement immediately. On
disposal of a subsidiary or jointly controlled entity, the attributable carrying amount
of goodwill is included in the determination of the profit or loss on disposal.
Other intangible assets which comprise contract rights and computer software are
stated at cost less accumulated amortisation and impairment losses. Amortisation is
charged to administrative expenses in the income statement on a straight-line basis
over the expected useful lives of the assets, which are principally as follows:
Contract rights Over the remaining contract life
Computer software 3\u201310 years
Internally generated intangible assets developed by the Group are recognised only
if all of the following conditions are met:
\u2022 an asset is created that can be identified;
\u2022 it is probable that the asset created will generate future economic benefits; and
\u2022 the development cost of the asset can be measured reliably.
Other research expenditure is written off in the period in which it is incurred.
Software as a service
Costs incurred relating to software as a service (SaaS) that provide future benefit to the
Group are included within prepayments and written off over the period to which they
relate. All other costs in respect of SaaS are expensed to the income statement
as incurred.
Property, plant and equipment and depreciation
The cost of an acquired asset comprises the purchase price, any directly attributable
costs and the estimated costs of dismantling and removing the item at the end of its
life. Depreciation is based on historical or deemed cost, including expenditure that is
directly attributable to the acquisition of the items, less the estimated residual value,
and the estimated economic lives of the assets concerned. Freehold land is not
depreciated. Other tangible assets are depreciated to residual values in equal annual
instalments over the period of their estimated economic lives, which are principally
as follows:
Land and buildings 25\u201350 years or period of lease
Plant and equipment 3\u201312 years
Leases
Assets and liabilities arising from a lease are initially measured on a present value basis.
Lease liabilities include the net present value of the following lease payments:
\u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable;
\u2022 variable lease payments that are based on an index or a rate, initially measured using
the index or rate as at the commencement date;
\u2022 amounts expected to be payable by the Group under residual value guarantees;
\u2022 the exercise price of a purchase option if the Group is reasonably certain to exercise
that option; and
\u2022 payments of penalties for terminating the lease, if the lease term reflects the Group
exercising that option.
Lease payments to be made under reasonably certain extension options are also
included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that
rate cannot be readily determined, which is generally the case for leases in the Group,
the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee
would have to pay to borrow the funds necessary to obtain an asset of similar value to
the right-of-use asset in a similar economic environment with similar terms, security
and conditions.
Most Group companies do not have any recent independent third-party financing to
use as a starting point for the incremental borrowing rate. Therefore, the Group uses
a build-up approach that starts with a risk-free interest rate adjusted for credit risk,
lease term, country, currency and security.
The Group is exposed to potential future increases in variable lease payments based
on an index or rate, which are not included in the lease liability until they take effect.
When adjustments to lease payments based on an index or rate take effect, the lease
liability is reassessed and adjusted against the right-of-use asset.
Lease payments are allocated between principal and finance cost. The finance cost
is charged to profit or loss over the lease period so as to produce a constant periodic
rate of interest on the remaining balance of the liability for each period.
Right-of-use assets are measured at cost comprising the following:
\u2022 the amount of the initial measurement of lease liability;
\u2022 any lease payments made at or before the commencement date less any lease
incentives received;
\u2022 any initial direct costs; and
\u2022 any restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life
and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a
purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life.
The Group has elected to use the following recognition exemptions, as permitted by
the standard:
\u2022 Leases of low-value items \u2014 The Group has defined low-value items as assets that
have a value when new of less than c.\u00a35,000. Low-value items comprise IT equipment
and small items of plant.
\u2022 Short-term leases \u2014 Leases with a lease term of less than 12 months at inception.
For leases in the above categories, a lease liability or right-of-use asset is not recognised.
Instead, the Group recognises the related lease payments as an expense on a straight-line
basis over the lease term.
Contracts may contain both lease and non-lease components. The Group allocates the
consideration in the contract to the lease and non-lease components based on their
relative stand-alone prices.
Leased properties that meet the definition of investment properties are presented
within \u2018investment properties\u2019 rather than \u2018right-of-use assets\u2019 on the balance sheet.
The Group enters into lease agreements as a lessor with respect to its investment
properties. Leases for which the Group is a lessor are classified as finance or operating
leases. Whenever the terms of the lease transfer substantially all the risks and rewards
of ownership to the lessee, the contract is classified as a finance lease. All other leases
are classified as operating leases.
When the Group is an intermediate lessor, it accounts for the head lease and the
sub-lease as two separate contracts. The sub-lease is classified as a finance or
operating lease by reference to the right-of-use asset arising from the head lease.
Rental income from operating leases is recognised on a straight-line basis over the
term of the relevant lease. Initial direct costs incurred in negotiating and arranging an
operating lease are added to the carrying amount of the leased asset and recognised
on a straight-line basis over the lease term.
Amounts due from lessees under finance leases are recognised as receivables at the
amount of the Group\u2019s net investment in the leases. Finance income is allocated to
accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s
net investment outstanding in respect of the lease.
When a contract includes both lease and non-lease components, the Group applies
IFRS 15 to allocate the consideration under the contract to each component.
Investment properties
Investment properties are held for the purpose of earning rentals and/or for capital
appreciation and are not occupied by the Group. Investment properties are measured
using the fair value model. Gains and losses arising from a change in the fair value of
investment properties are recognised in the income statement in the period in which
they arise.
Rental income and costs in respect of investment properties are included within administrative
expenses and are disclosed in note 15(b). Where the investment property has come
about through vacating corporate offices following the restructure of the Group\u2019s
property portfolio, amounts in the income statement are treated as adjusting items.
Inventories
Inventories, including land held for and in the course of development, are valued at
the lower of cost and net realisable value. Cost comprises direct materials and, where
appropriate, labour and production overheads which have been incurred in bringing
the inventories and work in progress to their present location and condition. Cost in
certain circumstances also includes notional interest as explained in the accounting
policy for finance income and costs. Net realisable value represents the estimated
selling price less all estimated costs of completion and costs to be incurred in marketing,
selling and distribution.
Inventories are valued on a first in, first out (FIFO) basis.
Land inventory is recognised at the time a commitment to purchase the land is made,
generally at exchange of unconditional contracts.
Property inventory, which represents all development land and work in progress, is
included at cost less any losses foreseen in completing and disposing of the development
less any amounts received or receivable as progress payments or part disposals. Where
a property is being developed, cost includes cost of acquisition and development to
date, including directly attributable fees, expenses and finance charges net of rental
or other income attributable to the development. Where development property is
not being actively developed, net rental income and finance costs are taken to the
income statement.
Contract assets and liabilities
When the Group transfers goods or services to a customer before the customer pays
consideration or before payment is due, the amount of revenue associated with the
transfer of goods or services is accrued and presented as a contract asset in the
balance sheet (excluding any amounts presented as a trade receivable). A contract
asset represents the Group\u2019s right to consideration in exchange for goods or services
that the Group has transferred to a customer.
Contract assets are reduced by appropriate allowances for expected credit losses
calculated using the simplified approach (as with trade receivables).
If a customer pays consideration, or the Group has a right to an amount of consideration
that is unconditional (i.e. a receivable), before the Group transfers a good or service
to the customer, the amount is presented as a contract liability on the balance sheet.
A contract liability represents the Group\u2019s obligation to transfer goods or services to a
customer for which the entity has received consideration (or an amount of consideration
is due) from the customer.
Given the varied activities of the Group, it is not practicable to identify a common
operating cycle. The Group has therefore allocated contract assets and liabilities due
within 12 months of the balance sheet date to current with the remainder included
in non-current.
Share capital
The ordinary share capital of the Company is recorded as the proceeds received,
net of directly attributable incremental issue costs.
Merger reserve
Where equity raises are effected through a structure which is eligible for merger relief
under section 612 of the Companies Act 2006, the Group transfers the excess of the
net proceeds over the nominal value of the share capital issued to the merger reserve.
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation
as a result of a past event, and where it is probable that an outflow will be required to
settle the obligation and the amount can be reliably estimated.
Contingent liabilities
The Group discloses a contingent liability in circumstances where it has a possible
obligation depending on whether some uncertain future event occurs, or has a present
obligation but payment is not probable, or the amount cannot be measured reliably.
Government grants
Government grants are recognised in profit or loss on a systematic basis over the
periods in which the entity recognises expenses for the related costs for which the
grants are intended to compensate. A grant is only recognised when there is reasonable
assurance that the Group will comply with the conditions attached to it, and that the
grant will be received.
Employee benefits
(a) Retirement benefit obligations
For defined contribution pension schemes operated by the Group, amounts payable
are charged to the income statement as they fall due.
The Group accounts for defined benefit obligations in accordance with IAS 19. Obligations
are measured at discounted present value while plan assets are measured at fair value.
The operating and financing costs of such plans are recognised separately in the income
statement; current service costs are spread systematically over the lives of employees
and financing costs are recognised in full in the period in which they arise. Remeasurements
of the net defined pension surplus or liability, including actuarial gains and losses, are
recognised immediately in other comprehensive income.
The net finance income or cost is calculated by applying the discount rate to the net
balance of the defined benefit obligation and the fair value of plan assets. This income
or cost is included in finance income or finance costs in the income statement.
Where the calculations result in a surplus to the Group, the recognised asset is limited
to the present value of any available future refunds from the plan or reductions in future
contributions to the plan that the Group has the unconditional right to realise.
(b) Share-based payments
Share-based payments granted but not vested in relation to the Sharesave and
Long-Term Incentive Plan (LTIP) schemes are valued at the fair value of the awards at
the date of grant. The fair values of options under these schemes are calculated using
the Black-Scholes model apart from the total shareholder return element of the LTIP
which is based on a Stochastic model. Awards that are subject to a post-vesting holding
period are valued using the Chaffe & Finnerty models. The cost of each scheme is
based on the fair value of the options spread on a straight-line basis over the relevant
vesting period.
Shares purchased and held in trust in connection with the Group\u2019s share schemes
are deducted from retained earnings. No gain or loss is recognised within the income
statement on the market value of these shares compared with the original cost.
Financial instruments
Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet
when the Group becomes a party to the contractual provisions of the instrument. An
assessment of whether a financial asset is impaired is made at least at each reporting
date. The principal financial assets and liabilities of the Group are as follows:
(a) Trade receivables and trade payables
A trade receivable is recognised when the Group has a right to consideration that is
unconditional (subject only to the passage of time before payment is due). Trade
receivables do not carry interest and are stated at their initial cost reduced by
appropriate allowances for expected credit losses.
The Group applies the simplified approach to measurement of expected credit losses
in respect of trade receivables, which requires expected lifetime losses to be recognised
from initial recognition of the receivables.
Trade payables on normal terms are not interest-bearing and are stated at their
nominal value. Trade payables on extended terms, particularly in respect of land
purchases, are discounted and recorded at their present value.
Given the varied activities of the Group it is not practicable to identify a common
operating cycle. The Group has therefore allocated receivables and payables due
within 12 months of the balance sheet date to current with the remainder included
in non-current.
(b) Cash and cash equivalents
Cash and cash equivalents in the cash flow statement comprise cash at bank
and in hand, including bank deposits with original maturities of three months or less.
(c) Bank overdrafts and other borrowings
Bank overdrafts, interest-bearing bank and other borrowings are recorded at the fair
value of the proceeds received, net of direct issue costs. Finance charges, including
premiums payable on settlement or redemption and direct issue costs, are accounted
for on an accruals basis in the income statement using the effective interest method
and are added to the carrying value of the instrument to the extent that they are not
settled in the period in which they arise.
Borrowings are classified as current liabilities unless at the end of the reporting period,
the Group has a right to defer settlement of the liability for at least 12 months after the
reporting period.
(d) Derivative financial instruments
Derivatives are initially recognised at fair value on the date that the contract is entered
into and subsequently remeasured in future periods at their fair value. The method of
recognising the resulting change in fair value depends on whether the derivative is
designated as a hedging instrument and whether the hedging relationship is effective.
For cash flow hedges, the effective portion of changes in the fair value of these derivatives
is recognised in the cash flow hedge reserve within equity. Any ineffective portion is
recognised immediately in the income statement. Amounts accumulated in equity
are recycled to the income statement in the periods when the hedged items will affect
profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting,
expires or is sold, terminated or exercised, the hedge accounting is discontinued
prospectively. The cumulative gain or loss previously recognised in equity remains
there until the forecast transaction occurs. When the forecast transaction is no longer
expected to occur, the cumulative gain or loss and deferred costs of hedging that were
reported in equity are immediately reclassified to profit or loss.
The Group enters into forward contracts in order to hedge against transactional foreign
currency and interest rate exposures. In cases where these derivative instruments are
significant, hedge accounting is applied as described above. Where hedge accounting
is not applied, changes in fair value of derivatives are recognised in the income statement.
The fair values of derivative instruments have been derived from proprietary models
used by the bank counterparties using mid-market mark to market valuations for trades
at the close of business on the balance sheet date.
Critical accounting judgements and estimates
The following are the critical judgements and estimates that the Directors have made
in the process of applying the Group\u2019s accounting policies and that have a significant
effect on the amounts recognised in the financial statements:
(a) Revenue and profit recognition (judgement and estimate)
The estimation techniques used for revenue and profit recognition in respect of property
development, construction contracts and services contracts require forecasts to be made
of the outcome of long-term contracts which require assessments and judgements to be
made on the recovery of pre-contract costs, changes in the scope of work, programme
of works, maintenance and defect obligations and changes in costs. The estimates and
judgements in respect of construction contracts are considered to be critical.
There are a small number of contracts that the Group considers require significant
accounting estimates and, as at 30 June 2025, the Group has included estimated
recoveries from customers and other third parties with a combined value of \u00a381.0m
(2024: \u00a367.9m). These recoveries are recognised in line with the Group\u2019s stated accounting
policies. However, estimation uncertainty exists and there are a number of factors which
will affect the final outcome once these contracts are finalised. The Group estimates
that the final outcome on these contracts could collectively range from an upside of
\u00a317.3m (2024: \u00a328.5m) to a downside of \u00a313.0m (2024: \u00a320.6m).
Over 400 construction contracts (2024: over 400) were income generating during the
year within the Group\u2019s Construction and Infrastructure Services operating divisions.
Of these, one (2024: three) individually had a material impact on operating profit.
The key judgements and estimates relating to determining the revenue and profit
of material contracts are:
\u2022 costs to complete;
\u2022 achieving the planned build programme; and
\u2022 recoverability of claims and variations in accordance with IFRS 15.
Each contract is treated on its merit and is subject to a regular review of the revenue
and costs to complete that contract, determined by a combination of management
judgement and external professional assistance, backed up by accounting position
papers for the contracts that have a material impact on the income statement.
The level of estimation uncertainty in the Group\u2019s Construction business is reduced
by the effect of its substantial portfolio and significant experience of the division\u2019s
management team. The level of estimation is further reduced by the combination of
the modest scale and short contract durations of the majority of the Group\u2019s projects.
Nevertheless, the profit recognition in the Construction business is a critical estimate,
due to the inherent uncertainties in any construction project over revenues and costs.
The level of estimation and uncertainty varies across each project within Regional Build
and Strategic Projects. Regional Build operates around 275 sites (2024: 300) each year
with an average project size of \u00a319.7m (2024: \u00a319.3m) and with average revenue in the
year of \u00a35.6m (2024: \u00a35.9m). These projects typically operate under framework contracts
where costs are known with a greater degree of certainty. Natural Resources, Nuclear
& Networks (NRNN) manages around 30 sites with projects ranging from a relatively
small number of higher-value major infrastructure civil engineering projects to a larger
number of more modest minor signalling upgrades and replacements.
The major infrastructure civil engineering projects typically include two-stage Design
and Build, Construct Only and Target Cost contracts. The nature and length of these
contracts means there can be a greater level of estimation and uncertainty. The blended
portfolio risk of the overall construction businesses is mitigated by the relative sizes of
the Regional Build, Strategic Projects and NRNN businesses.
Construction revenue for the year was \u00a31.9bn (2024: \u00a31.9bn) with an associated adjusted
operating profit margin of 3.9% (2024: 3.6%).
The historic profit margins in the construction businesses typically range from 3.6% to
4.2%. A potential downside risk in margin would be 0.3% (2024: 0.4%). Given the short-term
average duration of the construction portfolio, the impact of such a decrease in margin
across projects in delivery at the year end would be a decrease in operating profit of
\u00a35.7m (2024: \u00a37.7m).
In addition, the Group has a number of ongoing contracts where lifecycle funds are
established to meet contractual obligations. At 30 June 2025 the carrying value of
these non-current contract assets was \u00a357.0m (2024: \u00a353.6m). The key sensitivity in the
calculation is the percentage of the funds build-up required for future maintenance.
A 10% increase / decrease in the percentage of funds build-up required would result in
a profit increase of \u00a36.1m / profit decrease of \u00a31.5m in any one year.
(b) Defined benefit pension scheme valuations (estimate)
In determining the valuation of defined benefit pension scheme assets and liabilities,
a number of key assumptions have been made. The key assumptions, which are given
below, are largely dependent on factors outside the control of the Group:
\u2022 expected return on plan assets;
\u2022 inflation rate;
\u2022 mortality;
\u2022 discount rate; and
\u2022 salary and pension increases.
Details of the assumptions used and sensitivity to changes in these assumptions are
included in note 9.
(c) Goodwill (estimate)
Determining whether goodwill is impaired requires an estimation of the value in use of
cash generating units (CGUs) to which the goodwill has been allocated. The value in use
calculation requires an estimate to be made of the timing and amount of future cash
flows expected to arise from the CGU and the application of a suitable discount rate in
order to calculate the net present value. Cash flow forecasts for the next three years are
based on the Group\u2019s budgets and forecasts. Other key inputs in assessing each CGU
are revenue growth, operating margin, discount rate and terminal growth rate. As set
out in note 13, the impairment review is not sensitive to changes in assumptions.
In undertaking the assessment, the potential net impact of climate change on the
forecasts has been considered. At present, it has been concluded that it will not
be significant.
(d) Adjusting items (judgement)
Adjusting items are items of financial performance which the Group believes should be
separately presented to assist in understanding the financial performance achieved by
the Group in accordance with the accounting policy set out on page 138. Determining
whether an item is classified as an adjusting item requires judgement.
Total adjusting items, excluding tax, of \u00a347.3m were charged to the income statement in
respect of continuing operations for the year ended 30 June 2025 (2024: \u00a350.0m). The
items that comprise this are set out in note 5 together with an explanation of their nature
and consideration points as to why the Directors have treated these as adjusting items.
(e) Taxation (judgement and estimate)
The Group is predominantly UK-based and all entities are subject to UK tax regulations.
Deferred tax liabilities are generally provided for in full and deferred tax assets are
recognised to the extent that it is judged probable that future taxable profit will arise
against which the temporary differences will be utilised. In particular, the Group has
exercised judgement in recognising a deferred tax asset of \u00a3100.2m (2024: \u00a3106.8m)
in respect of tax losses.
The key judgements in assessing the recoverability of the deferred tax asset relate to
the taxable profit forecasts. These forecasts are based on the same Board-approved
information used to support the going concern and goodwill impairment assessments.
The critical judgements related to these forecasts are the same as those described
in the Goodwill section of this note. These are not considered to be sensitive to changes
in assumptions.
The basis for recognising this tax asset is set out in note 17 together with the period
in which it is expected to be utilised.
RDEC income is recorded based on management\u2019s view of qualifying spend in the
year of \u00a3173.6m (2024: \u00a3139.3m). Management is experienced in RDEC claims and
is assisted by external advisers. However, if qualifying spend was to reduce by \u00a310m, this
would result in a decrease in RDEC income of \u00a32.0m (2024: \u00a32.0m).
(f) Land and property valuations (estimate)
The recoverability of property development work in progress is an area which requires
significant estimation due to the ongoing volatility in property valuations. An assessment
of the net realisable value of inventory is carried out at each balance sheet date and is
dependent upon the Group\u2019s estimate of forecast selling prices and build/development
costs (by reference to current prices). Where applicable, third-party valuations are used
to support the position as at the balance sheet date. In valuing work in progress at the
lower of cost and net realisable value the Group has already recognised any expected
downside, and any upside is contingent on the Group\u2019s continued development of the
projects as it is not in the business of selling partly developed sites. At 30 June 2025, the
value of land and work in progress held for development, included within inventory on
the balance sheet, was \u00a348.8m (2024: \u00a361.2m).
The Group sublets several floors of its corporate office in Foley Street, London. The associated
right-of-use asset is classified as an investment property. Given the length of the underlying
leases and the uncertainty in the property market, in calculating the fair value of the
right-of-use asset estimation has been exercised. These areas of estimation are
detailed in note 15.
(g) Fire and cladding (judgement and estimate)
The Group continues to review its current and legacy constructed buildings where it has
used cladding solutions and continues to assess the action required in line with the latest
Government guidance, as it applies to multi-storey and multi-occupied residential
buildings. The buildings, including the cladding works, were signed off by approved
inspectors as compliant with the relevant Building Regulations at the time of completion.
In preparing the financial statements, currently available information has been considered,
including the current best estimate of the extent and future costs of work required, based on
the detailed expert reports, fire safety assessments and physical inspections undertaken.
Where an obligation has been established and a reliable estimate of the costs to rectify
is available, a provision has been made (see note 24). No provision has been made where
an obligation has not been established.
These estimates may be updated as further inspections are completed and as work
progresses which could give rise to the recognition of further liabilities. Such liabilities, should
they arise, are expected to be covered materially by the Group\u2019s insurance arrangements
thereby limiting the net exposure. Any insurance recovery must be considered virtually
certain before a corresponding asset is recognised and so this could potentially lead to
an asymmetry in the timing of the recognition of assets and liabilities.
At 30 June 2025 the Group had a provision of \u00a332.2m (2024: \u00a324.1m) against projects
where a liability has been established. If the forecast remediation costs were 10% higher/
lower than provided, the pre-tax adjusting items charge in the Group\u2019s income
statement would increase/decrease by \u00a33.2m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-447": { "value": "Kier Group plc (the Company) is a public limited company which is listed on the London Stock Exchange and incorporated and domiciled in the UK. The Company\u2019s registered number is 2708030. The address of the registered office is 2nd Floor, Optimum House, Clippers Quay, Salford, England, M50 3XP. The consolidated financial statements of the Company for the year ended 30 June 2025 comprise the Company and its subsidiaries (together referred to as the Group) and the Group\u2019s interest in joint arrangements. The consolidated financial statements were approved by the Directors on 15 September 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-10": { "value": "Kier Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-11": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-12": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-444": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-445": { "value": "UK", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-448": { "value": "Statement of compliance The Group\u2019s consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards effective for accounting periods beginning on or after 1 July 2024 and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The Company has elected to prepare its parent company financial statements in accordance with the FRS 101 \u2018Reduced Disclosure Framework\u2019. These are presented on pages 183\u2013187. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-535": { "value": "Basis of preparation The financial statements are presented in pounds sterling. They have been prepared on the historical cost basis except for investment properties, defined benefit pension plans and derivative financial instruments which are stated at their fair value, and the IFRS 2 share-based payments charge which is based on the fair value of the options granted. The following amendments to standards are effective for the financial year ended 30 June 2025 onwards: \u2022 Amendments to IAS 1 \u2018Presentation of Financial Statements\u2019 on classification of liabilities as current or non-current and disclosures for non-current liabilities with covenants \u2022 Amendments to IFRS 16 \u2018Leases\u2019 in relation to the lease liability in a sale and leaseback \u2022 Amendments to IAS 7 and IFRS 7 regarding supplier finance arrangements The amendments listed above did not have any impact on the amounts recognised in the current or prior periods and are not expected to significantly affect future periods . The following new standards and amendments to standards have been issued but were not yet effective and therefore have not been applied in these financial statements: \u2022 IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (not yet UK endorsed) \u2022 IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019 (not yet UK endorsed) \u2022 Amendments to IAS 21 concerning lack of foreign currency exchangeability \u2022 Amendments to IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments \u2022 Annual improvements to IFRS \u2014 Volume 11 \u2022 Amendments to IFRS 9 and IFRS 7 (not yet UK endorsed) regarding contracts referencing nature-dependent electricity IFRS 18 sets out new requirements for the presentation and disclosure of information in the financial statements and, subject to UK endorsement, will be effective for the first time in Kier\u2019s financial statements for the year ending 30 June 2028. The new standard will have an impact on how information is reported, with a focus on the presentation of the income statement, and could also change the extent of information disclosed in the notes to the financial statements. IFRS 18 will not impact the recognition or measurement of items in the financial statements and therefore won\u2019t have an impact on Kier\u2019s overall results; however, it might change what Kier reports as its \u2018operating profit\u2019. IFRS 19 is only relevant to eligible subsidiary financial statements and as such will have no impact on Kier\u2019s consolidated Group financial statements or the individual financial statements of Kier Group plc. Amendments to IFRS 9 add requirements for the timing of recognition and derecognition of some financial assets and liabilities. Kier currently adjusts its bank balance for cash-in-transit when electronic payments are initiated, derecognising the associated payables and receivables at the same time. The amendments will mean that Kier will only recognise cash receipts when they have been received into the bank account and payments made by electronic payment systems only when they can no longer be practically cancelled. The amendments will be effective for the first time for the financial year ending 30 June 2027. No significant net impact from the adoption of the other amendments to standards listed above is expected. The Group has chosen not to adopt any of the above standards or amendments earlier than required. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-449": { "value": "Basis of preparation The financial statements are presented in pounds sterling. They have been prepared on the historical cost basis except for investment properties, defined benefit pension plans and derivative financial instruments which are stated at their fair value, and the IFRS 2 share-based payments charge which is based on the fair value of the options granted. The following amendments to standards are effective for the financial year ended 30 June 2025 onwards: \u2022 Amendments to IAS 1 \u2018Presentation of Financial Statements\u2019 on classification of liabilities as current or non-current and disclosures for non-current liabilities with covenants \u2022 Amendments to IFRS 16 \u2018Leases\u2019 in relation to the lease liability in a sale and leaseback \u2022 Amendments to IAS 7 and IFRS 7 regarding supplier finance arrangements The amendments listed above did not have any impact on the amounts recognised in the current or prior periods and are not expected to significantly affect future periods . The following new standards and amendments to standards have been issued but were not yet effective and therefore have not been applied in these financial statements: \u2022 IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (not yet UK endorsed) \u2022 IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019 (not yet UK endorsed) \u2022 Amendments to IAS 21 concerning lack of foreign currency exchangeability \u2022 Amendments to IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments \u2022 Annual improvements to IFRS \u2014 Volume 11 \u2022 Amendments to IFRS 9 and IFRS 7 (not yet UK endorsed) regarding contracts referencing nature-dependent electricity IFRS 18 sets out new requirements for the presentation and disclosure of information in the financial statements and, subject to UK endorsement, will be effective for the first time in Kier\u2019s financial statements for the year ending 30 June 2028. The new standard will have an impact on how information is reported, with a focus on the presentation of the income statement, and could also change the extent of information disclosed in the notes to the financial statements. IFRS 18 will not impact the recognition or measurement of items in the financial statements and therefore won\u2019t have an impact on Kier\u2019s overall results; however, it might change what Kier reports as its \u2018operating profit\u2019. IFRS 19 is only relevant to eligible subsidiary financial statements and as such will have no impact on Kier\u2019s consolidated Group financial statements or the individual financial statements of Kier Group plc. Amendments to IFRS 9 add requirements for the timing of recognition and derecognition of some financial assets and liabilities. Kier currently adjusts its bank balance for cash-in-transit when electronic payments are initiated, derecognising the associated payables and receivables at the same time. The amendments will mean that Kier will only recognise cash receipts when they have been received into the bank account and payments made by electronic payment systems only when they can no longer be practically cancelled. The amendments will be effective for the first time for the financial year ending 30 June 2027. No significant net impact from the adoption of the other amendments to standards listed above is expected. The Group has chosen not to adopt any of the above standards or amendments earlier than required. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-500": { "value": "The financial statements are presented in pounds sterling.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-501": { "value": "The following amendments to standards are effective for the financial year ended 30 June 2025 onwards: \u2022 Amendments to IAS 1 \u2018Presentation of Financial Statements\u2019 on classification of liabilities as current or non-current and disclosures for non-current liabilities with covenants \u2022 Amendments to IFRS 16 \u2018Leases\u2019 in relation to the lease liability in a sale and leaseback \u2022 Amendments to IAS 7 and IFRS 7 regarding supplier finance arrangements The amendments listed above did not have any impact on the amounts recognised in the current or prior periods and are not expected to significantly affect future periods ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-502": { "value": "The following new standards and amendments to standards have been issued but were not yet effective and therefore have not been applied in these financial statements: \u2022 IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (not yet UK endorsed) \u2022 IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019 (not yet UK endorsed) \u2022 Amendments to IAS 21 concerning lack of foreign currency exchangeability \u2022 Amendments to IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments \u2022 Annual improvements to IFRS \u2014 Volume 11 \u2022 Amendments to IFRS 9 and IFRS 7 (not yet UK endorsed) regarding contracts referencing nature-dependent electricity IFRS 18 sets out new requirements for the presentation and disclosure of information in the financial statements and, subject to UK endorsement, will be effective for the first time in Kier\u2019s financial statements for the year ending 30 June 2028. The new standard will have an impact on how information is reported, with a focus on the presentation of the income statement, and could also change the extent of information disclosed in the notes to the financial statements. IFRS 18 will not impact the recognition or measurement of items in the financial statements and therefore won\u2019t have an impact on Kier\u2019s overall results; however, it might change what Kier reports as its \u2018operating profit\u2019. IFRS 19 is only relevant to eligible subsidiary financial statements and as such will have no impact on Kier\u2019s consolidated Group financial statements or the individual financial statements of Kier Group plc. Amendments to IFRS 9 add requirements for the timing of recognition and derecognition of some financial assets and liabilities. Kier currently adjusts its bank balance for cash-in-transit when electronic payments are initiated, derecognising the associated payables and receivables at the same time. The amendments will mean that Kier will only recognise cash receipts when they have been received into the bank account and payments made by electronic payment systems only when they can no longer be practically cancelled. The amendments will be effective for the first time for the financial year ending 30 June 2027. No significant net impact from the adoption of the other amendments to standards listed above is expected. The Group has chosen not to adopt any of the above standards or amendments earlier than required. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-450": { "value": "Going concern In determining the appropriate basis of preparation of the financial statements, the Directors are required to consider whether the Group can continue in operational existence during the going concern period, which the Directors have determined to be until 31 December 2026. The Directors have carried out an assessment of the Group\u2019s ability to continue as a going concern for the period of at least 12 months from the date of approval of the financial statements. This assessment has involved the review of cash flow forecasts for the period to 31 December 2026 for each of the Group\u2019s divisions; and also considered recent historical trading performance where the Group\u2019s cash flow forecasts have been achieved. The Directors have also considered the strength of the Group\u2019s order book which amounted to \u00a311.0bn at 30 June 2025 and will provide a pipeline of secured work over the going concern assessment period. The Directors have considered a number of stressed but plausible downside scenarios in assessing going concern: \u2022 potential reductions in trading volumes; \u2022 potential future challenges in respect of ongoing projects; \u2022 project inflation and subcontractor insolvency; \u2022 plausible changes in the interest rate environment; \u2022 other potential issues, including the cost of adoption of green legislation; and \u2022 the availability of proportionate and reasonable mitigating actions that could be taken by management in such a scenario. The Directors also considered the macroeconomic and political risks affecting the UK economy. The Directors noted that the Group\u2019s forecasts are underpinned by a significant proportion of revenue that is either secured or considered probable, often as part of long-term framework agreements. The Group operates primarily in sectors such as road, rail, water, energy, prisons, health and education, which are considered likely to remain largely unaffected by macroeconomic factors and will continue to benefit from sustained Government investment commitments reinforced in the June Spending Review. Although inflationary pressures remain a risk, both in the supply chain and the labour market, this is partly mitigated by c.60% of contracts being target cost or cost plus. The Directors have also considered the potential impact of climate change and do not consider the Group\u2019s operations are at risk from physical climate-related risks such as hurricanes and temperature changes in the short term. In the medium term the Directors have concluded that any adverse financial impacts from required changes to operations in line with ESG requirements will be offset by opportunities which present the Group with additional volumes and profits, such as construction of sustainable buildings, climate impact and water management, as well as nuclear infrastructure. As such, the longevity of the Group\u2019s business model means that climate change has no material adverse impact on going concern. In January 2025, the Group repaid the remaining \u00a337.3m USPP notes and reduced its RCF facility by \u00a3111m, the result being that the Group now has \u00a3400m of committed facilities, consisting of five-year \u00a3250m Senior Notes maturing in February 2029 and a \u00a3150m RCF facility to March 2027. Having reviewed the Group\u2019s cash flow forecasts, the Directors consider that the Group is expected to continue to have available liquidity headroom under its finance facilities and operate within its financial covenants over the going concern period, including in a severe but plausible downside scenario. As a result, the Directors are satisfied that the Group has adequate resources to meet its obligations as they fall due for a period of at least 12 months from the date of approving these financial statements and, for this reason, they continue to adopt the going concern basis in preparing these financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-451": { "value": "Climate-related matters As reported in the TCFD report (on pages 54\u201359) and the principal risks on page 67, the Group has assessed the risks and implemented policies in relation to climate-related matters. In preparing these financial statements, the Directors have considered the impact of these climate-related matters on the various estimates and assumptions used in the accounts, particularly in the following areas: going concern and viability assessments; cash flow forecasts used for impairment assessments of non-financial assets, including goodwill; the useful economic lives of property, plant and equipment; and judgements in relation to long-term contracts. There has been no material impact on the financial statements for the current year in respect of financial adjustments resulting from climate-related matters. ", "dimensions": { "concept": "kiergroupplc:DescriptionOfAccountingPolicyForClimateRelatedMatters", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-452": { "value": "Basis of consolidation (a) Subsidiaries The consolidated financial statements comprise the financial statements of the Company and subsidiaries controlled by the Company drawn up to 30 June 2025. Control exists when the Group has direct or indirect power to govern the financial and operating policies of an entity so as to obtain economic benefits from its activities. Subsidiaries are included in the consolidated financial statements from the date that control transfers to the Group until the date that control ceases. Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. If a business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date; any gains or losses arising from such remeasurements are recognised in profit or loss. The Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the result is negative, a \u2018bargain purchase\u2019 gain is recognised immediately in the income statement. Provisional fair values allocated at a reporting date are finalised within 12 months of the acquisition date. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in the income statement. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration are recognised in the income statement unless the contingent consideration is classified as equity, in which case settlement is accounted for within reserves. Accounting policies of subsidiaries are adjusted where necessary to ensure consistency with those used by the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. (b) Joint arrangements A joint arrangement is a contractual arrangement whereby the Group undertakes an economic activity that is subject to joint control with third parties. The Group\u2019s interests in joint ventures are accounted for using the equity method. Under this method the Group\u2019s share of the profits less losses of joint ventures is included in the consolidated income statement and its interest in their net assets is included in investments in the consolidated balance sheet. Where the share of losses exceeds the Group\u2019s interest in the entity and there is no obligation to fund these losses the carrying amount is reduced to nil, following which no further losses are recognised. The Group's interest in the entity is the carrying amount of the investment together with any long-term interests that, in substance, form part of the net investment in the entity. From time to time the Group undertakes contracts jointly with other parties. These fall under the category of joint operations as defined by IFRS 11. In accordance with IFRS 11, the Group accounts for its own share of sales, profits, assets, liabilities and cash flows measured according to the terms of the agreements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-503": { "value": "(a) Subsidiaries The consolidated financial statements comprise the financial statements of the Company and subsidiaries controlled by the Company drawn up to 30 June 2025. Control exists when the Group has direct or indirect power to govern the financial and operating policies of an entity so as to obtain economic benefits from its activities. Subsidiaries are included in the consolidated financial statements from the date that control transfers to the Group until the date that control ceases. Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. If a business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date; any gains or losses arising from such remeasurements are recognised in profit or loss. The Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the result is negative, a \u2018bargain purchase\u2019 gain is recognised immediately in the income statement. Provisional fair values allocated at a reporting date are finalised within 12 months of the acquisition date. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in the income statement. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration are recognised in the income statement unless the contingent consideration is classified as equity, in which case settlement is accounted for within reserves. Accounting policies of subsidiaries are adjusted where necessary to ensure consistency with those used by the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-536": { "value": "(b) Joint arrangements A joint arrangement is a contractual arrangement whereby the Group undertakes an economic activity that is subject to joint control with third parties. The Group\u2019s interests in joint ventures are accounted for using the equity method. Under this method the Group\u2019s share of the profits less losses of joint ventures is included in the consolidated income statement and its interest in their net assets is included in investments in the consolidated balance sheet. Where the share of losses exceeds the Group\u2019s interest in the entity and there is no obligation to fund these losses the carrying amount is reduced to nil, following which no further losses are recognised. The Group's interest in the entity is the carrying amount of the investment together with any long-term interests that, in substance, form part of the net investment in the entity. From time to time the Group undertakes contracts jointly with other parties. These fall under the category of joint operations as defined by IFRS 11. In accordance with IFRS 11, the Group accounts for its own share of sales, profits, assets, liabilities and cash flows measured according to the terms of the agreements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-504": { "value": "(b) Joint arrangements A joint arrangement is a contractual arrangement whereby the Group undertakes an economic activity that is subject to joint control with third parties. The Group\u2019s interests in joint ventures are accounted for using the equity method. Under this method the Group\u2019s share of the profits less losses of joint ventures is included in the consolidated income statement and its interest in their net assets is included in investments in the consolidated balance sheet. Where the share of losses exceeds the Group\u2019s interest in the entity and there is no obligation to fund these losses the carrying amount is reduced to nil, following which no further losses are recognised. The Group's interest in the entity is the carrying amount of the investment together with any long-term interests that, in substance, form part of the net investment in the entity. From time to time the Group undertakes contracts jointly with other parties. These fall under the category of joint operations as defined by IFRS 11. In accordance with IFRS 11, the Group accounts for its own share of sales, profits, assets, liabilities and cash flows measured according to the terms of the agreements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-453": { "value": "Foreign currencies Transactions denominated in foreign currencies are recorded at the exchange rates in effect when they take place. Resulting monetary foreign currency denominated assets and liabilities are translated at the exchange rates ruling at the balance sheet date. Exchange differences arising from foreign currency transactions are reflected in the income statement. Items included in the financial statements of each of the Group\u2019s subsidiaries are measured using the currency of the primary economic environment in which each entity operates (the functional currency). The consolidated financial statements are presented in GBP, which is the Group\u2019s presentation currency. The assets and liabilities of overseas subsidiary undertakings are translated at the rate of exchange ruling at the balance sheet date. Trading profits or losses are translated at average rates prevailing during the accounting period. Differences on exchange arising from the retranslation of net investments in overseas subsidiary undertakings at the year-end rates are recognised in other comprehensive income. All other translation differences are reflected in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-454": { "value": "Revenue and profit recognition Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services, net of value added tax, rebates and discounts and after eliminating sales within the Group. It also includes the Group\u2019s proportion of work carried out under jointly controlled operations. The general principles for revenue and profit recognition across the Group are as follows: \u2022 provision is made for any unavoidable future net losses arising from contract obligations, as soon as they become apparent. These are accounted for under IAS 37 and are shown as onerous contract provisions in note 24; \u2022 additional consideration for contract modifications (variations) is only included in revenue (or the forecast contract out-turn) if the scope of the modification has been approved by the customer. If the scope of the modification has been approved but the parties have not yet determined the corresponding change in the contract price, an estimate of the change to the transaction price is made and included in calculating revenue to the extent that it is highly probable that a significant reversal of the amount in cumulative revenue recognised will not occur; \u2022 contract modifications are treated as separate contracts if the scope of the contract increases because of the addition of promised goods or services that are distinct, and the price of the contract increases by an amount of consideration that reflects the Group\u2019s stand-alone selling prices of the additional promised goods or services and any appropriate adjustments to that price to reflect the circumstances of the particular contract; \u2022 variable consideration amounts (gain-share amounts, KPI bonuses, milestone bonuses, compensation event claims, etc.) are included in revenue (or forecasts to completion) only to the extent that it is highly probable that a significant reversal of the amount in cumulative revenue recognised will not occur; \u2022 liabilities for customer refunds (liquidated damages, pain-share amounts, KPI penalties, etc.) are accounted for as a reduction in revenue (or in forecasting contract out-turns) as soon as it is expected that the Group will be required to refund some or all of the consideration it has received from the customer; \u2022 where revenue that has been recognised is subsequently determined not to be recoverable due to the inability of a customer to meet its payment obligations, these amounts are charged to administrative expenses as a credit loss; \u2022 claims against third parties (such as insurance recoveries and claims for cost reimbursements) outside of normal supplier price adjustments are recognised only when the realisation of income is virtually certain. The associated income is accounted for as reduction in costs rather than revenue; and \u2022 contract mobilisation is not considered to be a separate performance obligation in most situations, as the customer receives little or no benefit from mobilisation activities. Any consideration received from the customer in relation to the mobilisation phase of a contract is deferred and recognised as additional revenue relating to the performance obligations in the contract that benefit the customer. If the timing of payments agreed with the customer provides the Group or the customer with a significant benefit of financing the transfer of goods or services, the amount of consideration is adjusted for the effects of the time value of money. The Group does not make an adjustment for the time value of money in the following circumstances: \u2022 when the Group expects, at contract inception, that the period between the entity transferring a good or service and the customer paying for it will be one year or less; or \u2022 where the timing of the payments is for commercial rather than financing reasons, e.g. construction contract retentions, where the payment terms are to provide the customer with protection from Kier failing to adequately complete some or all of its obligations under the contract. Revenue and profit recognition policies applied to specific businesses are as follows: (a) Construction contracts Revenue is recognised on construction services over time as the benefit is transferred to the customer. The Group uses an input method to measure progress. The percentage of completion is measured using cost incurred to date as a proportion of the estimated full costs of completing the contract and is applied to the total expected contract revenue to determine the revenue to be recognised to date. The assessment of the final outcome of each contract is determined by regular review of the revenues and costs to complete that contract. Consistent contract review procedures are in place in respect of contract forecasting. (b) Services Revenue and profit from services rendered, which include facilities management, transportation network maintenance and utilities maintenance is recognised over time as the service is performed. Progress on capital works and infrastructure renewal projects is measured using costs incurred as a percentage of the estimated full costs of completing the performance obligation. Where the contract includes bundled services, and those services are distinct, the transaction price is allocated to each performance obligation identified in the contract based on the relative stand-alone selling prices of each of the performance obligations. Revenue is then recognised independently when each of the performance obligations is satisfied. If, as part of an overall service provision, the Group arranges for certain goods or services to be provided to a customer by another party, without taking control over those goods or services, the Group is considered to be acting as an agent in the provision of those goods or services. In these circumstances, amounts received from the customer are netted off the associated cost of the goods or services, with only the Group\u2019s fee or commission element recognised as revenue. Any variable consideration (e.g. performance bonus) attributable to a single performance obligation is allocated entirely to that performance obligation. Where variable consideration is attributable to the entire contract and is not specific to part of the contract, the consideration is allocated based on the stand-alone selling prices of each of the performance obligations within the contract. Service contracts are reviewed monthly to assess their future operational performance and profitability. (c) Property development Revenue in respect of property developments is recorded on unconditional exchange of contracts for the sale of finished developments. Profit taken is subject to any amounts necessary to cover residual commitments relating to development performance. Where developments are sold in advance of construction being completed, revenue and profit are recognised at the point of sale, reflecting the transfer of control to the customer in its current stage of completion. Thereafter, revenue for construction services provided to the customer to complete the property is recognised over time in line with the percentage of completion, consistent with the Group\u2019s accounting policy for recognition of revenue on construction contracts. Where consideration is paid in advance of the development\u2019s construction phase at a price less than market value, revenue is recognised on a discounted basis to reflect a financing component of the transaction. This revenue and forward funded interest unwinds as the construction takes place. (d) Private Finance Initiative (PFI) service concession agreements Revenue relating to construction or upgrade services under a service concession agreement is recognised based on the stage of completion of the work performed, consistent with the Group\u2019s accounting policy on recognising revenue on construction contracts. Operation or service revenue is recognised in the period in which the services were provided by the Group. When the Group provides more than one service in a service concession agreement, the consideration received is allocated by reference to the relative stand-alone selling prices of the services delivered. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-455": { "value": "Pre-contract and contract mobilisation costs Pre-contract costs to obtain a contract that would have been incurred irrespective of whether the contract was obtained are recognised as an expense when incurred, unless those costs are explicitly chargeable to the customer irrespective of whether the contract is obtained. Mobilisation costs incurred in respect of a specific contract that has been won or an anticipated contract that is expected to be won (e.g. when the Group has secured preferred bidder status) are carried forward in the balance sheet as capitalised mobilisation costs if: the costs generate or enhance resources of the Group that will be used in satisfying (or in continuing to satisfy) performance obligations in the future; and the costs are expected to be recovered (i.e. the contract is expected to be sufficiently profitable to cover the mobilisation costs). The vast majority of contracts incurring significant mobilisation costs are contracts that exceed 12 months in duration. The Group\u2019s policy is therefore to show its capitalised mobilisation costs as a non-current asset, amortised over the expected contract duration. ", "dimensions": { "concept": "kiergroupplc:DescriptionOfAccountingPolicyForPreContractAndContractMobilisationCosts", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-456": { "value": "Warranties and rectification costs The Group does not offer extended insurance-type warranties at an additional cost to the customer (which would represent separate performance obligations). Standard industry assurance-type warranties are provided and are accounted for as rectification cost provisions based on the estimated costs of making good any latent defects. ", "dimensions": { "concept": "kiergroupplc:DescriptionOfAccountingPolicyForWarrantiesAndRectificationCosts", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-457": { "value": "Alternative performance measures IAS 1 permits an entity to present additional information for specific items to enable users to better assess the entity\u2019s financial performance. The Directors have considered the requirements of applicable accounting standards, along with additional guidance around alternative performance measures (APMs) and believe it is appropriate to inform users regarding various items and disclose those items which are deemed one-off, material or non-recurring in size or nature, in alignment with the Group\u2019s internal management reporting. As such, the Group is disclosing as supplementary information an \u2018Adjusted profit\u2019 APM which is reconciled to statutory profit in the notes to the financial statements and is consistent with IFRS 8 segmental reporting. Separate presentation of these items is intended to enhance understanding of the financial performance of the Group in the particular year under review and the extent to which results are influenced by material unusual and/or non-recurring items. The Directors review segmental results under an adjusted items basis to analyse the performance of operating segments. The Directors exercise judgement in determining the classification of certain items as adjusting using quantitative and qualitative factors. In assessing whether an item is an adjusting item, the Directors give consideration, both individually and collectively, as to an item\u2019s size, the specific circumstances which have led to the item arising and if the item is likely to recur, or whether the matter forms part of a group of similar items. Amortisation of acquired intangible assets and certain financing costs are also included as adjusting items on the basis of being ongoing non-cash items generated from acquisition-related activity. A full reconciliation from statutory numbers to adjusted profit measures has been presented in note 5. The Group presents revenue including share of joint ventures as an alternative performance measure. The Directors believe this is a useful measure as it provides visibility over the scale of the Group\u2019s operations, particularly within its Property business where a significant proportion of developments are set up in joint ventures. The Group also presents cash outflow from adjusting items, free cash flow and net cash/debt as alternative performance measures. The Directors consider that these provide useful information about the Group\u2019s liquidity and debt profile. A glossary of alternative performance measures is included on page 189. ", "dimensions": { "concept": "kiergroupplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-555": { "value": "Finance income and costs Interest receivable and payable on bank balances is credited or charged to the income statement as incurred using the effective interest rate method. In the cash flow statement, interest received is presented within operating cash flows and interest paid is presented within cash flows from financing activities. Borrowing costs are capitalised where the Group constructs qualifying assets. All other borrowing costs are written off to the income statement as incurred. Borrowing costs incurred within the Group\u2019s jointly controlled entities relating to the construction of assets in PFI and PPP projects are capitalised until the relevant assets are brought into operational use. Notional interest payable, representing the unwinding of the discount on long-term liabilities and provisions, is charged to finance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-537": { "value": "Finance income and costs Interest receivable and payable on bank balances is credited or charged to the income statement as incurred using the effective interest rate method. In the cash flow statement, interest received is presented within operating cash flows and interest paid is presented within cash flows from financing activities. Borrowing costs are capitalised where the Group constructs qualifying assets. All other borrowing costs are written off to the income statement as incurred. Borrowing costs incurred within the Group\u2019s jointly controlled entities relating to the construction of assets in PFI and PPP projects are capitalised until the relevant assets are brought into operational use. Notional interest payable, representing the unwinding of the discount on long-term liabilities and provisions, is charged to finance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-505": { "value": "Finance income and costs Interest receivable and payable on bank balances is credited or charged to the income statement as incurred using the effective interest rate method. In the cash flow statement, interest received is presented within operating cash flows and interest paid is presented within cash flows from financing activities. Borrowing costs are capitalised where the Group constructs qualifying assets. All other borrowing costs are written off to the income statement as incurred. Borrowing costs incurred within the Group\u2019s jointly controlled entities relating to the construction of assets in PFI and PPP projects are capitalised until the relevant assets are brought into operational use. Notional interest payable, representing the unwinding of the discount on long-term liabilities and provisions, is charged to finance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-458": { "value": "Finance income and costs Interest receivable and payable on bank balances is credited or charged to the income statement as incurred using the effective interest rate method. In the cash flow statement, interest received is presented within operating cash flows and interest paid is presented within cash flows from financing activities. Borrowing costs are capitalised where the Group constructs qualifying assets. All other borrowing costs are written off to the income statement as incurred. Borrowing costs incurred within the Group\u2019s jointly controlled entities relating to the construction of assets in PFI and PPP projects are capitalised until the relevant assets are brought into operational use. Notional interest payable, representing the unwinding of the discount on long-term liabilities and provisions, is charged to finance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-506": { "value": "Taxation Income tax comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The deferred tax provision is based on the expected manner of realisation or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised or where offsetting temporary differences are not available. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and liabilities are offset where the entities have a legally enforceable right to offset and intend to settle on a net basis, or to realise the asset and settle the liability simultaneously. The Group participates in the UK Government\u2019s Research and Development Expenditure Credit (RDEC) tax incentive scheme. Credits receivable under the RDEC scheme are recognised within operating profit and are treated as taxable income. Amounts receivable in respect of RDEC claims are included on the balance sheet within other receivables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-459": { "value": "Taxation Income tax comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The deferred tax provision is based on the expected manner of realisation or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised or where offsetting temporary differences are not available. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and liabilities are offset where the entities have a legally enforceable right to offset and intend to settle on a net basis, or to realise the asset and settle the liability simultaneously. The Group participates in the UK Government\u2019s Research and Development Expenditure Credit (RDEC) tax incentive scheme. Credits receivable under the RDEC scheme are recognised within operating profit and are treated as taxable income. Amounts receivable in respect of RDEC claims are included on the balance sheet within other receivables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-538": { "value": "Goodwill and other intangible assets Goodwill arising on consolidation represents the excess of the consideration over the Group\u2019s interest in the fair value of the identifiable assets and liabilities of a subsidiary. Goodwill is recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised immediately in the income statement and is not subsequently reversed. Negative goodwill is recognised in the income statement immediately. On disposal of a subsidiary or jointly controlled entity, the attributable carrying amount of goodwill is included in the determination of the profit or loss on disposal. Other intangible assets which comprise contract rights and computer software are stated at cost less accumulated amortisation and impairment losses. Amortisation is charged to administrative expenses in the income statement on a straight-line basis over the expected useful lives of the assets, which are principally as follows: Contract rights Over the remaining contract life Computer software 3\u201310 years Internally generated intangible assets developed by the Group are recognised only if all of the following conditions are met: \u2022 an asset is created that can be identified; \u2022 it is probable that the asset created will generate future economic benefits; and \u2022 the development cost of the asset can be measured reliably. Other research expenditure is written off in the period in which it is incurred. Software as a service Costs incurred relating to software as a service (SaaS) that provide future benefit to the Group are included within prepayments and written off over the period to which they relate. All other costs in respect of SaaS are expensed to the income statement as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-507": { "value": "Goodwill and other intangible assets Goodwill arising on consolidation represents the excess of the consideration over the Group\u2019s interest in the fair value of the identifiable assets and liabilities of a subsidiary. Goodwill is recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised immediately in the income statement and is not subsequently reversed. Negative goodwill is recognised in the income statement immediately. On disposal of a subsidiary or jointly controlled entity, the attributable carrying amount of goodwill is included in the determination of the profit or loss on disposal. Other intangible assets which comprise contract rights and computer software are stated at cost less accumulated amortisation and impairment losses. Amortisation is charged to administrative expenses in the income statement on a straight-line basis over the expected useful lives of the assets, which are principally as follows: Contract rights Over the remaining contract life Computer software 3\u201310 years Internally generated intangible assets developed by the Group are recognised only if all of the following conditions are met: \u2022 an asset is created that can be identified; \u2022 it is probable that the asset created will generate future economic benefits; and \u2022 the development cost of the asset can be measured reliably. Other research expenditure is written off in the period in which it is incurred. Software as a service Costs incurred relating to software as a service (SaaS) that provide future benefit to the Group are included within prepayments and written off over the period to which they relate. All other costs in respect of SaaS are expensed to the income statement as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-460": { "value": "Goodwill and other intangible assets Goodwill arising on consolidation represents the excess of the consideration over the Group\u2019s interest in the fair value of the identifiable assets and liabilities of a subsidiary. Goodwill is recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised immediately in the income statement and is not subsequently reversed. Negative goodwill is recognised in the income statement immediately. On disposal of a subsidiary or jointly controlled entity, the attributable carrying amount of goodwill is included in the determination of the profit or loss on disposal. Other intangible assets which comprise contract rights and computer software are stated at cost less accumulated amortisation and impairment losses. Amortisation is charged to administrative expenses in the income statement on a straight-line basis over the expected useful lives of the assets, which are principally as follows: Contract rights Over the remaining contract life Computer software 3\u201310 years Internally generated intangible assets developed by the Group are recognised only if all of the following conditions are met: \u2022 an asset is created that can be identified; \u2022 it is probable that the asset created will generate future economic benefits; and \u2022 the development cost of the asset can be measured reliably. Other research expenditure is written off in the period in which it is incurred. Software as a service Costs incurred relating to software as a service (SaaS) that provide future benefit to the Group are included within prepayments and written off over the period to which they relate. All other costs in respect of SaaS are expensed to the income statement as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-508": { "value": "Property, plant and equipment and depreciation The cost of an acquired asset comprises the purchase price, any directly attributable costs and the estimated costs of dismantling and removing the item at the end of its life. Depreciation is based on historical or deemed cost, including expenditure that is directly attributable to the acquisition of the items, less the estimated residual value, and the estimated economic lives of the assets concerned. Freehold land is not depreciated. Other tangible assets are depreciated to residual values in equal annual instalments over the period of their estimated economic lives, which are principally as follows: Land and buildings 25\u201350 years or period of lease Plant and equipment 3\u201312 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-461": { "value": "Property, plant and equipment and depreciation The cost of an acquired asset comprises the purchase price, any directly attributable costs and the estimated costs of dismantling and removing the item at the end of its life. Depreciation is based on historical or deemed cost, including expenditure that is directly attributable to the acquisition of the items, less the estimated residual value, and the estimated economic lives of the assets concerned. Freehold land is not depreciated. Other tangible assets are depreciated to residual values in equal annual instalments over the period of their estimated economic lives, which are principally as follows: Land and buildings 25\u201350 years or period of lease Plant and equipment 3\u201312 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-462": { "value": "Leases Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable; \u2022 variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date; \u2022 amounts expected to be payable by the Group under residual value guarantees; \u2022 the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and \u2022 payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Most Group companies do not have any recent independent third-party financing to use as a starting point for the incremental borrowing rate. Therefore, the Group uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk, lease term, country, currency and security. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of lease liability; \u2022 any lease payments made at or before the commencement date less any lease incentives received; \u2022 any initial direct costs; and \u2022 any restoration costs. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. The Group has elected to use the following recognition exemptions, as permitted by the standard: \u2022 Leases of low-value items \u2014 The Group has defined low-value items as assets that have a value when new of less than c.\u00a35,000. Low-value items comprise IT equipment and small items of plant. \u2022 Short-term leases \u2014 Leases with a lease term of less than 12 months at inception. For leases in the above categories, a lease liability or right-of-use asset is not recognised. Instead, the Group recognises the related lease payments as an expense on a straight-line basis over the lease term. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. Leased properties that meet the definition of investment properties are presented within \u2018investment properties\u2019 rather than \u2018right-of-use assets\u2019 on the balance sheet. The Group enters into lease agreements as a lessor with respect to its investment properties. Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts. The sub-lease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term. Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group\u2019s net investment in the leases. Finance income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding in respect of the lease. When a contract includes both lease and non-lease components, the Group applies IFRS 15 to allocate the consideration under the contract to each component. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-463": { "value": "Investment properties Investment properties are held for the purpose of earning rentals and/or for capital appreciation and are not occupied by the Group. Investment properties are measured using the fair value model. Gains and losses arising from a change in the fair value of investment properties are recognised in the income statement in the period in which they arise. Rental income and costs in respect of investment properties are included within administrative expenses and are disclosed in note 15(b). Where the investment property has come about through vacating corporate offices following the restructure of the Group\u2019s property portfolio, amounts in the income statement are treated as adjusting items. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-464": { "value": "Inventories Inventories, including land held for and in the course of development, are valued at the lower of cost and net realisable value. Cost comprises direct materials and, where appropriate, labour and production overheads which have been incurred in bringing the inventories and work in progress to their present location and condition. Cost in certain circumstances also includes notional interest as explained in the accounting policy for finance income and costs. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Inventories are valued on a first in, first out (FIFO) basis. Land inventory is recognised at the time a commitment to purchase the land is made, generally at exchange of unconditional contracts. Property inventory, which represents all development land and work in progress, is included at cost less any losses foreseen in completing and disposing of the development less any amounts received or receivable as progress payments or part disposals. Where a property is being developed, cost includes cost of acquisition and development to date, including directly attributable fees, expenses and finance charges net of rental or other income attributable to the development. Where development property is not being actively developed, net rental income and finance costs are taken to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-465": { "value": "Contract assets and liabilities When the Group transfers goods or services to a customer before the customer pays consideration or before payment is due, the amount of revenue associated with the transfer of goods or services is accrued and presented as a contract asset in the balance sheet (excluding any amounts presented as a trade receivable). A contract asset represents the Group\u2019s right to consideration in exchange for goods or services that the Group has transferred to a customer. Contract assets are reduced by appropriate allowances for expected credit losses calculated using the simplified approach (as with trade receivables). If a customer pays consideration, or the Group has a right to an amount of consideration that is unconditional (i.e. a receivable), before the Group transfers a good or service to the customer, the amount is presented as a contract liability on the balance sheet. A contract liability represents the Group\u2019s obligation to transfer goods or services to a customer for which the entity has received consideration (or an amount of consideration is due) from the customer. Given the varied activities of the Group, it is not practicable to identify a common operating cycle. The Group has therefore allocated contract assets and liabilities due within 12 months of the balance sheet date to current with the remainder included in non-current. ", "dimensions": { "concept": "kiergroupplc:DescriptionOfAccountingPolicyForContractAssetsAndLiabilities", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-466": { "value": "Share capital The ordinary share capital of the Company is recorded as the proceeds received, net of directly attributable incremental issue costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-467": { "value": "Merger reserve Where equity raises are effected through a structure which is eligible for merger relief under section 612 of the Companies Act 2006, the Group transfers the excess of the net proceeds over the nominal value of the share capital issued to the merger reserve. ", "dimensions": { "concept": "kiergroupplc:DescriptionOfAccountingPolicyForMergerReserve", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-468": { "value": "Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event, and where it is probable that an outflow will be required to settle the obligation and the amount can be reliably estimated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-469": { "value": "Contingent liabilities The Group discloses a contingent liability in circumstances where it has a possible obligation depending on whether some uncertain future event occurs, or has a present obligation but payment is not probable, or the amount cannot be measured reliably. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-470": { "value": "Government grants Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate. A grant is only recognised when there is reasonable assurance that the Group will comply with the conditions attached to it, and that the grant will be received. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-471": { "value": "Employee benefits (a) Retirement benefit obligations For defined contribution pension schemes operated by the Group, amounts payable are charged to the income statement as they fall due. The Group accounts for defined benefit obligations in accordance with IAS 19. Obligations are measured at discounted present value while plan assets are measured at fair value. The operating and financing costs of such plans are recognised separately in the income statement; current service costs are spread systematically over the lives of employees and financing costs are recognised in full in the period in which they arise. Remeasurements of the net defined pension surplus or liability, including actuarial gains and losses, are recognised immediately in other comprehensive income. The net finance income or cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This income or cost is included in finance income or finance costs in the income statement. Where the calculations result in a surplus to the Group, the recognised asset is limited to the present value of any available future refunds from the plan or reductions in future contributions to the plan that the Group has the unconditional right to realise. (b) Share-based payments Share-based payments granted but not vested in relation to the Sharesave and Long-Term Incentive Plan (LTIP) schemes are valued at the fair value of the awards at the date of grant. The fair values of options under these schemes are calculated using the Black-Scholes model apart from the total shareholder return element of the LTIP which is based on a Stochastic model. Awards that are subject to a post-vesting holding period are valued using the Chaffe & Finnerty models. The cost of each scheme is based on the fair value of the options spread on a straight-line basis over the relevant vesting period. Shares purchased and held in trust in connection with the Group\u2019s share schemes are deducted from retained earnings. No gain or loss is recognised within the income statement on the market value of these shares compared with the original cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-472": { "value": "Financial instruments Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. An assessment of whether a financial asset is impaired is made at least at each reporting date. The principal financial assets and liabilities of the Group are as follows: (a) Trade receivables and trade payables A trade receivable is recognised when the Group has a right to consideration that is unconditional (subject only to the passage of time before payment is due). Trade receivables do not carry interest and are stated at their initial cost reduced by appropriate allowances for expected credit losses. The Group applies the simplified approach to measurement of expected credit losses in respect of trade receivables, which requires expected lifetime losses to be recognised from initial recognition of the receivables. Trade payables on normal terms are not interest-bearing and are stated at their nominal value. Trade payables on extended terms, particularly in respect of land purchases, are discounted and recorded at their present value. Given the varied activities of the Group it is not practicable to identify a common operating cycle. The Group has therefore allocated receivables and payables due within 12 months of the balance sheet date to current with the remainder included in non-current. (b) Cash and cash equivalents Cash and cash equivalents in the cash flow statement comprise cash at bank and in hand, including bank deposits with original maturities of three months or less. (c) Bank overdrafts and other borrowings Bank overdrafts, interest-bearing bank and other borrowings are recorded at the fair value of the proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in the income statement using the effective interest method and are added to the carrying value of the instrument to the extent that they are not settled in the period in which they arise. Borrowings are classified as current liabilities unless at the end of the reporting period, the Group has a right to defer settlement of the liability for at least 12 months after the reporting period. (d) Derivative financial instruments Derivatives are initially recognised at fair value on the date that the contract is entered into and subsequently remeasured in future periods at their fair value. The method of recognising the resulting change in fair value depends on whether the derivative is designated as a hedging instrument and whether the hedging relationship is effective. For cash flow hedges, the effective portion of changes in the fair value of these derivatives is recognised in the cash flow hedge reserve within equity. Any ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are recycled to the income statement in the periods when the hedged items will affect profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, the hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in equity remains there until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported in equity are immediately reclassified to profit or loss. The Group enters into forward contracts in order to hedge against transactional foreign currency and interest rate exposures. In cases where these derivative instruments are significant, hedge accounting is applied as described above. Where hedge accounting is not applied, changes in fair value of derivatives are recognised in the income statement. The fair values of derivative instruments have been derived from proprietary models used by the bank counterparties using mid-market mark to market valuations for trades at the close of business on the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-540": { "value": "(a) Trade receivables and trade payables A trade receivable is recognised when the Group has a right to consideration that is unconditional (subject only to the passage of time before payment is due). Trade receivables do not carry interest and are stated at their initial cost reduced by appropriate allowances for expected credit losses. The Group applies the simplified approach to measurement of expected credit losses in respect of trade receivables, which requires expected lifetime losses to be recognised from initial recognition of the receivables. Trade payables on normal terms are not interest-bearing and are stated at their nominal value. Trade payables on extended terms, particularly in respect of land purchases, are discounted and recorded at their present value. Given the varied activities of the Group it is not practicable to identify a common operating cycle. The Group has therefore allocated receivables and payables due within 12 months of the balance sheet date to current with the remainder included in non-current. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-509": { "value": "(a) Trade receivables and trade payables A trade receivable is recognised when the Group has a right to consideration that is unconditional (subject only to the passage of time before payment is due). Trade receivables do not carry interest and are stated at their initial cost reduced by appropriate allowances for expected credit losses. The Group applies the simplified approach to measurement of expected credit losses in respect of trade receivables, which requires expected lifetime losses to be recognised from initial recognition of the receivables. Trade payables on normal terms are not interest-bearing and are stated at their nominal value. Trade payables on extended terms, particularly in respect of land purchases, are discounted and recorded at their present value. Given the varied activities of the Group it is not practicable to identify a common operating cycle. The Group has therefore allocated receivables and payables due within 12 months of the balance sheet date to current with the remainder included in non-current. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-510": { "value": "(b) Cash and cash equivalents Cash and cash equivalents in the cash flow statement comprise cash at bank and in hand, including bank deposits with original maturities of three months or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-511": { "value": "(c) Bank overdrafts and other borrowings Bank overdrafts, interest-bearing bank and other borrowings are recorded at the fair value of the proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in the income statement using the effective interest method and are added to the carrying value of the instrument to the extent that they are not settled in the period in which they arise. Borrowings are classified as current liabilities unless at the end of the reporting period, the Group has a right to defer settlement of the liability for at least 12 months after the reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-556": { "value": "(d) Derivative financial instruments Derivatives are initially recognised at fair value on the date that the contract is entered into and subsequently remeasured in future periods at their fair value. The method of recognising the resulting change in fair value depends on whether the derivative is designated as a hedging instrument and whether the hedging relationship is effective. For cash flow hedges, the effective portion of changes in the fair value of these derivatives is recognised in the cash flow hedge reserve within equity. Any ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are recycled to the income statement in the periods when the hedged items will affect profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, the hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in equity remains there until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported in equity are immediately reclassified to profit or loss. The Group enters into forward contracts in order to hedge against transactional foreign currency and interest rate exposures. In cases where these derivative instruments are significant, hedge accounting is applied as described above. Where hedge accounting is not applied, changes in fair value of derivatives are recognised in the income statement. The fair values of derivative instruments have been derived from proprietary models used by the bank counterparties using mid-market mark to market valuations for trades at the close of business on the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-539": { "value": "(d) Derivative financial instruments Derivatives are initially recognised at fair value on the date that the contract is entered into and subsequently remeasured in future periods at their fair value. The method of recognising the resulting change in fair value depends on whether the derivative is designated as a hedging instrument and whether the hedging relationship is effective. For cash flow hedges, the effective portion of changes in the fair value of these derivatives is recognised in the cash flow hedge reserve within equity. Any ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are recycled to the income statement in the periods when the hedged items will affect profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, the hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in equity remains there until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported in equity are immediately reclassified to profit or loss. The Group enters into forward contracts in order to hedge against transactional foreign currency and interest rate exposures. In cases where these derivative instruments are significant, hedge accounting is applied as described above. Where hedge accounting is not applied, changes in fair value of derivatives are recognised in the income statement. The fair values of derivative instruments have been derived from proprietary models used by the bank counterparties using mid-market mark to market valuations for trades at the close of business on the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-512": { "value": "(d) Derivative financial instruments Derivatives are initially recognised at fair value on the date that the contract is entered into and subsequently remeasured in future periods at their fair value. The method of recognising the resulting change in fair value depends on whether the derivative is designated as a hedging instrument and whether the hedging relationship is effective. For cash flow hedges, the effective portion of changes in the fair value of these derivatives is recognised in the cash flow hedge reserve within equity. Any ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are recycled to the income statement in the periods when the hedged items will affect profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, the hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in equity remains there until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported in equity are immediately reclassified to profit or loss. The Group enters into forward contracts in order to hedge against transactional foreign currency and interest rate exposures. In cases where these derivative instruments are significant, hedge accounting is applied as described above. Where hedge accounting is not applied, changes in fair value of derivatives are recognised in the income statement. The fair values of derivative instruments have been derived from proprietary models used by the bank counterparties using mid-market mark to market valuations for trades at the close of business on the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-473": { "value": "Critical accounting judgements and estimates The following are the critical judgements and estimates that the Directors have made in the process of applying the Group\u2019s accounting policies and that have a significant effect on the amounts recognised in the financial statements: (a) Revenue and profit recognition (judgement and estimate) The estimation techniques used for revenue and profit recognition in respect of property development, construction contracts and services contracts require forecasts to be made of the outcome of long-term contracts which require assessments and judgements to be made on the recovery of pre-contract costs, changes in the scope of work, programme of works, maintenance and defect obligations and changes in costs. The estimates and judgements in respect of construction contracts are considered to be critical. There are a small number of contracts that the Group considers require significant accounting estimates and, as at 30 June 2025, the Group has included estimated recoveries from customers and other third parties with a combined value of \u00a381.0m (2024: \u00a367.9m). These recoveries are recognised in line with the Group\u2019s stated accounting policies. However, estimation uncertainty exists and there are a number of factors which will affect the final outcome once these contracts are finalised. The Group estimates that the final outcome on these contracts could collectively range from an upside of \u00a317.3m (2024: \u00a328.5m) to a downside of \u00a313.0m (2024: \u00a320.6m). Over 400 construction contracts (2024: over 400) were income generating during the year within the Group\u2019s Construction and Infrastructure Services operating divisions. Of these, one (2024: three) individually had a material impact on operating profit. The key judgements and estimates relating to determining the revenue and profit of material contracts are: \u2022 costs to complete; \u2022 achieving the planned build programme; and \u2022 recoverability of claims and variations in accordance with IFRS 15. Each contract is treated on its merit and is subject to a regular review of the revenue and costs to complete that contract, determined by a combination of management judgement and external professional assistance, backed up by accounting position papers for the contracts that have a material impact on the income statement. The level of estimation uncertainty in the Group\u2019s Construction business is reduced by the effect of its substantial portfolio and significant experience of the division\u2019s management team. The level of estimation is further reduced by the combination of the modest scale and short contract durations of the majority of the Group\u2019s projects. Nevertheless, the profit recognition in the Construction business is a critical estimate, due to the inherent uncertainties in any construction project over revenues and costs. The level of estimation and uncertainty varies across each project within Regional Build and Strategic Projects. Regional Build operates around 275 sites (2024: 300) each year with an average project size of \u00a319.7m (2024: \u00a319.3m) and with average revenue in the year of \u00a35.6m (2024: \u00a35.9m). These projects typically operate under framework contracts where costs are known with a greater degree of certainty. Natural Resources, Nuclear & Networks (NRNN) manages around 30 sites with projects ranging from a relatively small number of higher-value major infrastructure civil engineering projects to a larger number of more modest minor signalling upgrades and replacements. The major infrastructure civil engineering projects typically include two-stage Design and Build, Construct Only and Target Cost contracts. The nature and length of these contracts means there can be a greater level of estimation and uncertainty. The blended portfolio risk of the overall construction businesses is mitigated by the relative sizes of the Regional Build, Strategic Projects and NRNN businesses. Construction revenue for the year was \u00a31.9bn (2024: \u00a31.9bn) with an associated adjusted operating profit margin of 3.9% (2024: 3.6%). The historic profit margins in the construction businesses typically range from 3.6% to 4.2%. A potential downside risk in margin would be 0.3% (2024: 0.4%). Given the short-term average duration of the construction portfolio, the impact of such a decrease in margin across projects in delivery at the year end would be a decrease in operating profit of \u00a35.7m (2024: \u00a37.7m). In addition, the Group has a number of ongoing contracts where lifecycle funds are established to meet contractual obligations. At 30 June 2025 the carrying value of these non-current contract assets was \u00a357.0m (2024: \u00a353.6m). The key sensitivity in the calculation is the percentage of the funds build-up required for future maintenance. A 10% increase / decrease in the percentage of funds build-up required would result in a profit increase of \u00a36.1m / profit decrease of \u00a31.5m in any one year. (b) Defined benefit pension scheme valuations (estimate) In determining the valuation of defined benefit pension scheme assets and liabilities, a number of key assumptions have been made. The key assumptions, which are given below, are largely dependent on factors outside the control of the Group: \u2022 expected return on plan assets; \u2022 inflation rate; \u2022 mortality; \u2022 discount rate; and \u2022 salary and pension increases. Details of the assumptions used and sensitivity to changes in these assumptions are included in note 9. (c) Goodwill (estimate) Determining whether goodwill is impaired requires an estimation of the value in use of cash generating units (CGUs) to which the goodwill has been allocated. The value in use calculation requires an estimate to be made of the timing and amount of future cash flows expected to arise from the CGU and the application of a suitable discount rate in order to calculate the net present value. Cash flow forecasts for the next three years are based on the Group\u2019s budgets and forecasts. Other key inputs in assessing each CGU are revenue growth, operating margin, discount rate and terminal growth rate. As set out in note 13, the impairment review is not sensitive to changes in assumptions. In undertaking the assessment, the potential net impact of climate change on the forecasts has been considered. At present, it has been concluded that it will not be significant. (d) Adjusting items (judgement) Adjusting items are items of financial performance which the Group believes should be separately presented to assist in understanding the financial performance achieved by the Group in accordance with the accounting policy set out on page 138. Determining whether an item is classified as an adjusting item requires judgement. Total adjusting items, excluding tax, of \u00a347.3m were charged to the income statement in respect of continuing operations for the year ended 30 June 2025 (2024: \u00a350.0m). The items that comprise this are set out in note 5 together with an explanation of their nature and consideration points as to why the Directors have treated these as adjusting items. (e) Taxation (judgement and estimate) The Group is predominantly UK-based and all entities are subject to UK tax regulations. Deferred tax liabilities are generally provided for in full and deferred tax assets are recognised to the extent that it is judged probable that future taxable profit will arise against which the temporary differences will be utilised. In particular, the Group has exercised judgement in recognising a deferred tax asset of \u00a3100.2m (2024: \u00a3106.8m) in respect of tax losses. The key judgements in assessing the recoverability of the deferred tax asset relate to the taxable profit forecasts. These forecasts are based on the same Board-approved information used to support the going concern and goodwill impairment assessments. The critical judgements related to these forecasts are the same as those described in the Goodwill section of this note. These are not considered to be sensitive to changes in assumptions. The basis for recognising this tax asset is set out in note 17 together with the period in which it is expected to be utilised. RDEC income is recorded based on management\u2019s view of qualifying spend in the year of \u00a3173.6m (2024: \u00a3139.3m). Management is experienced in RDEC claims and is assisted by external advisers. However, if qualifying spend was to reduce by \u00a310m, this would result in a decrease in RDEC income of \u00a32.0m (2024: \u00a32.0m). (f) Land and property valuations (estimate) The recoverability of property development work in progress is an area which requires significant estimation due to the ongoing volatility in property valuations. An assessment of the net realisable value of inventory is carried out at each balance sheet date and is dependent upon the Group\u2019s estimate of forecast selling prices and build/development costs (by reference to current prices). Where applicable, third-party valuations are used to support the position as at the balance sheet date. In valuing work in progress at the lower of cost and net realisable value the Group has already recognised any expected downside, and any upside is contingent on the Group\u2019s continued development of the projects as it is not in the business of selling partly developed sites. At 30 June 2025, the value of land and work in progress held for development, included within inventory on the balance sheet, was \u00a348.8m (2024: \u00a361.2m). The Group sublets several floors of its corporate office in Foley Street, London. The associated right-of-use asset is classified as an investment property. Given the length of the underlying leases and the uncertainty in the property market, in calculating the fair value of the right-of-use asset estimation has been exercised. These areas of estimation are detailed in note 15. (g) Fire and cladding (judgement and estimate) The Group continues to review its current and legacy constructed buildings where it has used cladding solutions and continues to assess the action required in line with the latest Government guidance, as it applies to multi-storey and multi-occupied residential buildings. The buildings, including the cladding works, were signed off by approved inspectors as compliant with the relevant Building Regulations at the time of completion. In preparing the financial statements, currently available information has been considered, including the current best estimate of the extent and future costs of work required, based on the detailed expert reports, fire safety assessments and physical inspections undertaken. Where an obligation has been established and a reliable estimate of the costs to rectify is available, a provision has been made (see note 24). No provision has been made where an obligation has not been established. These estimates may be updated as further inspections are completed and as work progresses which could give rise to the recognition of further liabilities. Such liabilities, should they arise, are expected to be covered materially by the Group\u2019s insurance arrangements thereby limiting the net exposure. Any insurance recovery must be considered virtually certain before a corresponding asset is recognised and so this could potentially lead to an asymmetry in the timing of the recognition of assets and liabilities. At 30 June 2025 the Group had a provision of \u00a332.2m (2024: \u00a324.1m) against projects where a liability has been established. If the forecast remediation costs were 10% higher/ lower than provided, the pre-tax adjusting items charge in the Group\u2019s income statement would increase/decrease by \u00a33.2m.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-474": { "value": "
2 Revenue
Revenue is entirely derived from contracts with customers. Information on the nature
and timing of satisfaction of performance obligations, including significant payment
terms, is provided below. For the related revenue accounting policies, see note 1.
Infrastructure Services
The Group derives revenue from capital infrastructure projects as well as the maintenance
of infrastructure assets across various sectors including highways, rail, water, gas and
domestic fibre installation.
Capital projects can range from the construction of power station infrastructure,
roads, railways, bridges and tunnels, over a period of several years (e.g. Hinkley Point C,
Sellafield SRP and HS2), to small schemes completed in a matter of days. Revenue is
recognised over time as the construction services are rendered to the customer.
Each capital project is typically treated as a single performance obligation.
The Group also provides maintenance services for the UK road, rail and utilities
infrastructure through both routine, preventative maintenance as well as reactive
repairs. These services are generally delivered under framework contracts of between
five to eight years; however, individual performance obligations under the framework
are normally determined on an annual, monthly or ad hoc basis. Revenue is recognised
over time as the maintenance services are rendered to the customer.
Where multiple services are supplied under a single contract they are treated as
separate performance obligations and revenue is recognised separately as each
performance obligation is satisfied.
Infrastructure services are normally invoiced monthly in arrears under normal commercial
credit terms. Under some contracts, amounts are held back as a retention for periods
that can exceed 12 months. However, as the purpose of the retentions is to ensure that
the performance obligations on the contract are carried out to a satisfactory standard,
the Group does not deem there to be a significant financing component in the timing
of the cash flows on these amounts.
Construction
The Group undertakes hundreds of building projects each year, providing construction
services in the private, education and health sectors and on public sector frameworks.
Projects range from minor extensions costing less than \u00a30.5m to the construction of
major strategic assets costing hundreds of millions of pounds. The construction of a
building, including any associated design work, is normally accounted for as a single
performance obligation as the services provided are normally highly interrelated.
Whilst the bulk of consideration associated with construction contracts is usually fixed,
variable consideration elements can exist (milestone bonuses, gain share, event claims,
etc.). Revenue is recognised over time as the performance obligation is satisfied in
accordance with the accounting policies in note 1.
Invoices are typically raised monthly, based on valuations of the work completed, and
have normal commercial payment terms. It is common in the construction industry for
an amount to be held back as a retention for periods that can exceed 12 months. However,
as the purpose of the retentions is to ensure that the performance obligations on the
contract are carried out to a satisfactory standard, the Group does not deem there to
be a significant financing component in the timing of the cash flows on these amounts.
The Group also provides maintenance services to local authorities and private landlords
with large housing portfolios. Revenue for maintenance services is recognised over time
as the services are rendered. Services are either invoiced monthly or shortly after completion
of individual performance obligations. Normal commercial payment terms apply.
Facilities management and maintenance services revenue is recognised over time as
the services are rendered. Invoices for services rendered are typically raised monthly.
Normal commercial payment terms apply, with the exception of the PFI lifecycle contracts,
as noted below.
The Group has a number of long-term PFI lifecycle contracts to maintain properties over
periods of 25\u201330 years. A fund is established at the start of the contract and amounts
are drawn down by the Group as maintenance work is performed. The Group is also
entitled to share in any surplus left in the fund at the end of the contract. Revenue is
recognised over time to reflect the rendering of the service including an assessment
of the appropriate proportion of the likely surplus in the fund, subject to being highly
probable not to reverse. As the surplus amount will not be paid until the end of the
contracts, the contract asset associated with the surplus recognised to date is shown
as a non-current asset in the balance sheet. Due to the length of time between
performance of the services and payment of the surplus, the Group considers there
to be a significant financing component within this element of the transaction price
and has therefore adjusted for the time value of money in measuring the revenue
recognised in respect of end-of-contract surpluses.
Property
The Group undertakes property development on its own sites as well as a service for
customers. Revenue in respect of the sale of property developments owned by the
Group is recognised at a point in time (unconditional exchange of contracts). In most
cases payment is received on legal completion. Revenue for property development
services in respect of customer owned sites is recognised over time and normally
invoiced monthly based on valuations under normal commercial payment terms.
Transaction price allocated to remaining performance obligations
The following table includes revenue expected to be recognised in the future related to
performance obligations that are unsatisfied (or partially unsatisfied) at the reporting date.
At 30 June 2025
2028
2026 2027 onwards
\u00a3m \u00a3m \u00a3m
Infrastructure Services
1,657.5
1,227.3
1,419.2
Construction
1,395.6
681.2
382.3
Total transaction price allocated to remaining
performance obligations
3,053.1
1,908.5
1,801.5
At 30 June 2024
2027
2025 2026 onwards
\u00a3m \u00a3m \u00a3m
Infrastructure Services
1,643.3
796.7
1,506.5
Construction
1,177.6
391.9
90.4
Total transaction price allocated to remaining
performance obligations
2,820.9
1,188.6
1,596.9
No revenue was linked to future related performance obligations in the Property
segment (2024: \u00a3nil).
The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not
disclose information about remaining performance obligations that have original
expected durations of one year or less and excludes any estimate of revenue from
framework contracts for which a firm commitment or order has not been received
at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-513": { "value": "2 Revenue Revenue is entirely derived from contracts with customers. Information on the nature and timing of satisfaction of performance obligations, including significant payment terms, is provided below. For the related revenue accounting policies, see note 1. Infrastructure Services The Group derives revenue from capital infrastructure projects as well as the maintenance of infrastructure assets across various sectors including highways, rail, water, gas and domestic fibre installation. Capital projects can range from the construction of power station infrastructure, roads, railways, bridges and tunnels, over a period of several years (e.g. Hinkley Point C, Sellafield SRP and HS2), to small schemes completed in a matter of days. Revenue is recognised over time as the construction services are rendered to the customer. Each capital project is typically treated as a single performance obligation. The Group also provides maintenance services for the UK road, rail and utilities infrastructure through both routine, preventative maintenance as well as reactive repairs. These services are generally delivered under framework contracts of between five to eight years; however, individual performance obligations under the framework are normally determined on an annual, monthly or ad hoc basis. Revenue is recognised over time as the maintenance services are rendered to the customer. Where multiple services are supplied under a single contract they are treated as separate performance obligations and revenue is recognised separately as each performance obligation is satisfied. Infrastructure services are normally invoiced monthly in arrears under normal commercial credit terms. Under some contracts, amounts are held back as a retention for periods that can exceed 12 months. However, as the purpose of the retentions is to ensure that the performance obligations on the contract are carried out to a satisfactory standard, the Group does not deem there to be a significant financing component in the timing of the cash flows on these amounts. Construction The Group undertakes hundreds of building projects each year, providing construction services in the private, education and health sectors and on public sector frameworks. Projects range from minor extensions costing less than \u00a30.5m to the construction of major strategic assets costing hundreds of millions of pounds. The construction of a building, including any associated design work, is normally accounted for as a single performance obligation as the services provided are normally highly interrelated. Whilst the bulk of consideration associated with construction contracts is usually fixed, variable consideration elements can exist (milestone bonuses, gain share, event claims, etc.). Revenue is recognised over time as the performance obligation is satisfied in accordance with the accounting policies in note 1. Invoices are typically raised monthly, based on valuations of the work completed, and have normal commercial payment terms. It is common in the construction industry for an amount to be held back as a retention for periods that can exceed 12 months. However, as the purpose of the retentions is to ensure that the performance obligations on the contract are carried out to a satisfactory standard, the Group does not deem there to be a significant financing component in the timing of the cash flows on these amounts. The Group also provides maintenance services to local authorities and private landlords with large housing portfolios. Revenue for maintenance services is recognised over time as the services are rendered. Services are either invoiced monthly or shortly after completion of individual performance obligations. Normal commercial payment terms apply. Facilities management and maintenance services revenue is recognised over time as the services are rendered. Invoices for services rendered are typically raised monthly. Normal commercial payment terms apply, with the exception of the PFI lifecycle contracts, as noted below. The Group has a number of long-term PFI lifecycle contracts to maintain properties over periods of 25\u201330 years. A fund is established at the start of the contract and amounts are drawn down by the Group as maintenance work is performed. The Group is also entitled to share in any surplus left in the fund at the end of the contract. Revenue is recognised over time to reflect the rendering of the service including an assessment of the appropriate proportion of the likely surplus in the fund, subject to being highly probable not to reverse. As the surplus amount will not be paid until the end of the contracts, the contract asset associated with the surplus recognised to date is shown as a non-current asset in the balance sheet. Due to the length of time between performance of the services and payment of the surplus, the Group considers there to be a significant financing component within this element of the transaction price and has therefore adjusted for the time value of money in measuring the revenue recognised in respect of end-of-contract surpluses. Property The Group undertakes property development on its own sites as well as a service for customers. Revenue in respect of the sale of property developments owned by the Group is recognised at a point in time (unconditional exchange of contracts). In most cases payment is received on legal completion. Revenue for property development services in respect of customer owned sites is recognised over time and normally invoiced monthly based on valuations under normal commercial payment terms. Transaction price allocated to remaining performance obligations The following table includes revenue expected to be recognised in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the reporting date. At 30 June 2025
2028
2026 2027 onwards
\u00a3m \u00a3m \u00a3m
Infrastructure Services
1,657.5
1,227.3
1,419.2
Construction
1,395.6
681.2
382.3
Total transaction price allocated to remaining
performance obligations
3,053.1
1,908.5
1,801.5
At 30 June 2024
2027
2025 2026 onwards
\u00a3m \u00a3m \u00a3m
Infrastructure Services
1,643.3
796.7
1,506.5
Construction
1,177.6
391.9
90.4
Total transaction price allocated to remaining
performance obligations
2,820.9
1,188.6
1,596.9
No revenue was linked to future related performance obligations in the Property segment (2024: \u00a3nil). The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose information about remaining performance obligations that have original expected durations of one year or less and excludes any estimate of revenue from framework contracts for which a firm commitment or order has not been received at the reporting date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-475": { "value": "
3 Segmental reporting
The Group operates three divisions: Infrastructure Services, Construction and Property,
which is the basis on which the Group manages and reports its segmental information.
Corporate principally includes unrecovered overheads and the charge for defined
benefit pension schemes.
Segment information is based on the information provided to the Chief Executive,
together with the Board, who is the Chief Operating Decision Maker. The segments are
strategic business units with separate management and have different core customers
and offer different services. The segments are discussed in the Operational Review on
pages 22\u201324. The accounting policies of the operating segments are the same as those
described in the summary of significant accounting policies (note 1). The Group
evaluates segmental information on the basis of adjusted operating profit (see note 5),
interest and tax expense. The segmental results that are reported to the Chief Executive
include items directly attributable to a segment as well as those that can be allocated
on a reasonable basis.
2025
2024
Infrastructure Infrastructure
Services Construction Property Corporate Group Services Construction Property Corporate Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1
Group revenue including share of joint ventures
2,136.0
1,910.5
38.4
2.9
4,087.8
1,988.3
1,907.8
71.0
2.3
3,969.4
Less share of joint ventures
(1.3)
\u2013
(9.4)
\u2013
(10.7)
\u2013
(2.4)
(61.9)
\u2013
(64.3)
Group revenue
2,134.7
1,910.5
29.0
2.9
4,077.1
1,988.3
1,905.4
9.1
2.3
3,905.1
Timing of revenue
1
Products and services transferred at a point in time
6.9
\u2013
33.1
\u2013
40.0
5.9
0.6
57.8
\u2013
64.3
Products and services transferred over time
2,129.1
1,910.5
5.3
2.9
4,047.8
1,982.4
1,907.2
13.2
2.3
3,905.1
Group revenue including share of joint ventures
2,136.0
1,910.5
38.4
2.9
4,087.8
1,988.3
1,907.8
71.0
2.3
3,969.4
Profit/(loss) for the year
Adjusted operating profit/(loss)
2
111.0
75.0
12.2
(39.1)
159.1
112.3
69.2
6.2
(37.5)
150.2
Adjusting items
2
(21.5)
(20.1)
\u2013
(3.8)
(45.4)
(23.6)
(9.6)
(4.3)
(9.6)
(47.1)
Operating profit/(loss)
89.5
54.9
12.2
(42.9)
113.7
88.7
59.6
1.9
(47.1)
103.1
Net finance income/(costs)
3
6.7
4.4
(5.9)
(40.8)
(35.6)
4.4
1.4
(3.7)
(37.1)
(35.0)
Profit/(loss) before tax
96.2
59.3
6.3
(83.7)
78.1
93.1
61.0
(1.8)
(84.2)
68.1
Taxation
(21.7)
(16.8)
Profit for the year from continuing operations
56.4
51.3
Loss for the year from discontinued operations
\u2013
(8.3)
Profit for the year
56.4
43.0
Balance sheet
Operating assets
4
920.8
351.0
297.0
294.3
1,863.1
908.3
424.4
217.9
342.9
1,893.5
Operating liabilities
4
(511.9)
(788.5)
(37.0)
(212.6)
(1,550.0)
(499.8)
(814.2)
(14.8)
(212.6)
(1,541.4)
Net operating assets/(liabilities)
4
408.9
(437.5)
260.0
81.7
313.1
408.5
(389.8)
203.1
130.3
352.1
Cash, cash equivalents, bank overdrafts and borrowings
642.6
757.4
(225.2)
(970.7)
204.1
540.4
700.4
(171.3)
(908.6)
160.9
Other financial assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
7.1
7.1
Net assets/(liabilities)
1,051.5
319.9
34.8
(889.0)
517.2
948.9
310.6
31.8
(771.2)
520.1
Other information
Inter-segmental revenue
11.2
3.5
\u2013
40.2
54.9
4.9
0.1
\u2013
39.8
44.8
Capital expenditure on property, plant, equipment and intangible assets
2.2
1.0
\u2013
13.3
16.5
2.4
4.4
\u2013
9.8
16.6
Depreciation of property, plant and equipment
(0.5)
(0.2)
(0.2)
(4.7)
(5.6)
(0.7)
(0.4)
(0.2)
(7.0)
(8.3)
Amortisation of computer software
(1.7)
(0.8)
\u2013
(11.1)
(13.6)
(1.1)
(0.2)
\u2013
(6.1)
(7.4)
1. Revenue is stated after the exclusion of inter-segmental revenue. 100% of the Group\u2019s revenue is derived from
UK-based customers. 16% of the Group\u2019s revenue was received from High Speed Two (HS2) Limited (2024: 15%).
Group revenue including joint ventures is an alternative performance measure, see page 189.
2. See notes 1 and 5 for adjusting items.
3. Interest was (charged)/credited to the divisions at a notional rate of 4.0% (2024: 4.0%).
4. Net operating assets/(liabilities) represent assets excluding cash, cash equivalents, bank overdrafts, borrowings,
financial assets and liabilities, and interest-bearing inter-company loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-476": { "value": "
4 Operating profit
Operating profit is stated after charging/(crediting):
2025 2024
Note \u00a3m \u00a3m
Amortisation of intangible assets
13
35.2
30.6
Depreciation of property, plant and equipment
14
5.6
8.3
Loss/(profit) on sale of property, plant and
equipment and right-of-use assets
0.4
(1.3)
Depreciation of right-of-use assets
22
46.1
39.0
Fair value adjustment to investment properties
15
(7.6)
(6.5)
Services provided by the Group\u2019s auditors
2025 2024
\u00a3m \u00a3m
Fees payable for the audit of the parent company
and consolidated financial statements
1
2.9
2.7
Fees payable to the Company\u2019s auditors for
other services:
\u2014 Audit of the Company\u2019s subsidiaries, pursuant
to legislation
0.5
0.5
\u2014 Audit-related assurance services
2
0.2
0.4
1. The auditors\u2019 remuneration relates to amounts paid to PricewaterhouseCoopers LLP (PwC). In addition, audit fees
of \u00a30.2m for prior year work were recorded during the year (2024: \u00a30.3m).
2. A summary of other services provided by PwC during the year is provided on page 86. In 2025, the fees relating to
other assurance services include \u00a3185,000 for the review of the interim statements (2024: \u00a3178,000). Also included
are \u00a39,000 (2024: \u00a32,000) for a subscription service providing factual updates and changes to applicable law,
regulation or accounting and auditing standards. The 2024 fees included the verification of the re-finance
documentation of \u00a3250,000.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-541": { "value": "4 Operating profit Operating profit is stated after charging/(crediting):
2025 2024
Note \u00a3m \u00a3m
Amortisation of intangible assets
13
35.2
30.6
Depreciation of property, plant and equipment
14
5.6
8.3
Loss/(profit) on sale of property, plant and
equipment and right-of-use assets
0.4
(1.3)
Depreciation of right-of-use assets
22
46.1
39.0
Fair value adjustment to investment properties
15
(7.6)
(6.5)
Services provided by the Group\u2019s auditors
2025 2024
\u00a3m \u00a3m
Fees payable for the audit of the parent company
and consolidated financial statements
1
2.9
2.7
Fees payable to the Company\u2019s auditors for
other services:
\u2014 Audit of the Company\u2019s subsidiaries, pursuant
to legislation
0.5
0.5
\u2014 Audit-related assurance services
2
0.2
0.4
1. The auditors\u2019 remuneration relates to amounts paid to PricewaterhouseCoopers LLP (PwC). In addition, audit fees of \u00a30.2m for prior year work were recorded during the year (2024: \u00a30.3m). 2. A summary of other services provided by PwC during the year is provided on page 86. In 2025, the fees relating to other assurance services include \u00a3185,000 for the review of the interim statements (2024: \u00a3178,000). Also included are \u00a39,000 (2024: \u00a32,000) for a subscription service providing factual updates and changes to applicable law, regulation or accounting and auditing standards. The 2024 fees included the verification of the re-finance documentation of \u00a3250,000.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-514": { "value": "4 Operating profit Operating profit is stated after charging/(crediting):
2025 2024
Note \u00a3m \u00a3m
Amortisation of intangible assets
13
35.2
30.6
Depreciation of property, plant and equipment
14
5.6
8.3
Loss/(profit) on sale of property, plant and
equipment and right-of-use assets
0.4
(1.3)
Depreciation of right-of-use assets
22
46.1
39.0
Fair value adjustment to investment properties
15
(7.6)
(6.5)
Services provided by the Group\u2019s auditors
2025 2024
\u00a3m \u00a3m
Fees payable for the audit of the parent company
and consolidated financial statements
1
2.9
2.7
Fees payable to the Company\u2019s auditors for
other services:
\u2014 Audit of the Company\u2019s subsidiaries, pursuant
to legislation
0.5
0.5
\u2014 Audit-related assurance services
2
0.2
0.4
1. The auditors\u2019 remuneration relates to amounts paid to PricewaterhouseCoopers LLP (PwC). In addition, audit fees of \u00a30.2m for prior year work were recorded during the year (2024: \u00a30.3m). 2. A summary of other services provided by PwC during the year is provided on page 86. In 2025, the fees relating to other assurance services include \u00a3185,000 for the review of the interim statements (2024: \u00a3178,000). Also included are \u00a39,000 (2024: \u00a32,000) for a subscription service providing factual updates and changes to applicable law, regulation or accounting and auditing standards. The 2024 fees included the verification of the re-finance documentation of \u00a3250,000.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-477": { "value": "
5 Adjusting items
(a) Reconciliation to adjusted profit
2025
2024
Adjusting Adjusting
Adjusted items Total Adjusted items Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group revenue
4,077.1
\u2013
4,077.1
3,905.1
\u2013
3,905.1
Cost of sales
(3,727.3)
(19.0)
(3,746.3)
(3,555.1)
(15.0)
(3,570.1)
Gross profit
349.8
(19.0)
330.8
350.0
(15.0)
335.0
Administrative expenses
(197.6)
(25.6)
(223.2)
(216.2)
(23.8)
(240.0)
Share of post-tax results
of joint ventures
(1.5)
\u2013
(1.5)
6.0
(4.4)
1.6
Other income
8.4
(0.8)
7.6
10.4
(3.9)
6.5
Operating profit
159.1
(45.4)
113.7
150.2
(47.1)
103.1
Net finance charges
(33.7)
(1.9)
(35.6)
(32.1)
(2.9)
(35.0)
Profit before tax
125.4
(47.3)
78.1
118.1
(50.0)
68.1
Taxation
(30.2)
8.5
(21.7)
(28.4)
11.6
(16.8)
Profit for the year from
continuing operations
95.2
(38.8)
56.4
89.7
(38.4)
51.3
Loss for the year from
discontinued operations
\u2013
\u2013
\u2013
\u2013
(8.3)
(8.3)
Profit for the year
95.2
(38.8)
56.4
89.7
(46.7)
43.0
Adjusting items include:
Cost of sales:
\u2022 Fire and cladding compliance costs of \u00a317.0m \u2013 these consist of costs incurred in
rectifying legacy issues to comply with the latest Government guidance. The net
charge of \u00a317.0m includes a credit of \u00a38.7m in respect of insurance proceeds.
\u2022 Other adjusting items of \u00a32.0m \u2013 other costs consist of a payment made to settle part
of an insurance-related claim that had previously been treated as an adjusting item.
Administrative expenses:
\u2022 Amortisation of acquired intangible assets of \u00a321.6m \u2013 comprises amortised contract
rights arising from prior year acquisitions.
\u2022 Property-related items of \u00a34.0m \u2013 these costs include the impact of the purchase and
subsequent sale of a vacant leasehold office in Manchester, as well as income and
costs incurred in respect of corporate properties vacated as part of the review of
Group premises.
Net finance charges:
\u2022 Net financing costs of \u00a31.9m \u2013 these relate to IFRS 16 interest charges on leased
investment properties previously used as offices.
(b) Discontinued operations
Following the sale of its residential property building business (Kier Living) in FY21, the
Group retained responsibility for the cost of defect rectification works relating to former
Kier Living sites. At the time of the sale, provisions were made for the expected rectification
costs. These costs were included in discontinued operations as they were directly
associated with the disposal of Living.
During FY24, the Group reviewed the remaining liabilities for the defect rectification
works, based on the outstanding scope of works to be completed and current market
price. The cost increased by \u00a38.3m, net of tax credit of \u00a30.8m, the majority of which
remained as a provision on the year-end balance sheet. The \u00a38.3m was recognised
as an adjusting item within discontinued operations.
(c) Cash outflow from adjusting items
2025 2024
\u00a3m \u00a3m
Adjusting items reported in the income statement:
\u2014 Continuing operations
47.3
50.0
\u2014 Discontinued operations
\u2013
8.3
Less: non-cash items incurred in the year
(38.4)
(31.4)
Add: payment of prior year accruals and provisions
8.9
9.8
Cash outflow from adjusting items
17.8
36.7
", "dimensions": { "concept": "kiergroupplc:DisclosureOfAdjustingItems", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-478": { "value": "
6 Other income
2025 2024
Note \u00a3m \u00a3m
Fair value gain on investment properties
15
7.6
6.5
Other income
7.6
6.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-515": { "value": "6 Other income
2025 2024
Note \u00a3m \u00a3m
Fair value gain on investment properties
15
7.6
6.5
Other income
7.6
6.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-479": { "value": "
7 Finance income and costs
2025 2024
\u00a3m \u00a3m
Finance income
Bank deposits
3.6
3.4
Interest receivable on loans to related parties
0.1
0.1
Net interest on net defined benefit surplus
4.3
5.7
8.0
9.2
Finance costs
Interest payable on loans and overdrafts
(8.3)
(23.1)
Interest payable on bonds
(22.5)
(8.4)
Interest payable on leases
(9.1)
(9.5)
Foreign exchange movements on foreign denominated borrowings
(0.5)
(0.6)
Fair value movements on cash flow hedges recycled from other
comprehensive income
0.2
\u2013
Other
(3.4)
(2.6)
(43.6)
(44.2)
Net finance costs
(35.6)
(35.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-566": { "value": "7 Finance income and costs
2025 2024
\u00a3m \u00a3m
Finance income
Bank deposits
3.6
3.4
Interest receivable on loans to related parties
0.1
0.1
Net interest on net defined benefit surplus
4.3
5.7
8.0
9.2
Finance costs
Interest payable on loans and overdrafts
(8.3)
(23.1)
Interest payable on bonds
(22.5)
(8.4)
Interest payable on leases
(9.1)
(9.5)
Foreign exchange movements on foreign denominated borrowings
(0.5)
(0.6)
Fair value movements on cash flow hedges recycled from other
comprehensive income
0.2
\u2013
Other
(3.4)
(2.6)
(43.6)
(44.2)
Net finance costs
(35.6)
(35.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-563": { "value": "7 Finance income and costs
2025 2024
\u00a3m \u00a3m
Finance income
Bank deposits
3.6
3.4
Interest receivable on loans to related parties
0.1
0.1
Net interest on net defined benefit surplus
4.3
5.7
8.0
9.2
Finance costs
Interest payable on loans and overdrafts
(8.3)
(23.1)
Interest payable on bonds
(22.5)
(8.4)
Interest payable on leases
(9.1)
(9.5)
Foreign exchange movements on foreign denominated borrowings
(0.5)
(0.6)
Fair value movements on cash flow hedges recycled from other
comprehensive income
0.2
\u2013
Other
(3.4)
(2.6)
(43.6)
(44.2)
Net finance costs
(35.6)
(35.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-557": { "value": "7 Finance income and costs
2025 2024
\u00a3m \u00a3m
Finance income
Bank deposits
3.6
3.4
Interest receivable on loans to related parties
0.1
0.1
Net interest on net defined benefit surplus
4.3
5.7
8.0
9.2
Finance costs
Interest payable on loans and overdrafts
(8.3)
(23.1)
Interest payable on bonds
(22.5)
(8.4)
Interest payable on leases
(9.1)
(9.5)
Foreign exchange movements on foreign denominated borrowings
(0.5)
(0.6)
Fair value movements on cash flow hedges recycled from other
comprehensive income
0.2
\u2013
Other
(3.4)
(2.6)
(43.6)
(44.2)
Net finance costs
(35.6)
(35.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-542": { "value": "7 Finance income and costs
2025 2024
\u00a3m \u00a3m
Finance income
Bank deposits
3.6
3.4
Interest receivable on loans to related parties
0.1
0.1
Net interest on net defined benefit surplus
4.3
5.7
8.0
9.2
Finance costs
Interest payable on loans and overdrafts
(8.3)
(23.1)
Interest payable on bonds
(22.5)
(8.4)
Interest payable on leases
(9.1)
(9.5)
Foreign exchange movements on foreign denominated borrowings
(0.5)
(0.6)
Fair value movements on cash flow hedges recycled from other
comprehensive income
0.2
\u2013
Other
(3.4)
(2.6)
(43.6)
(44.2)
Net finance costs
(35.6)
(35.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-516": { "value": "7 Finance income and costs
2025 2024
\u00a3m \u00a3m
Finance income
Bank deposits
3.6
3.4
Interest receivable on loans to related parties
0.1
0.1
Net interest on net defined benefit surplus
4.3
5.7
8.0
9.2
Finance costs
Interest payable on loans and overdrafts
(8.3)
(23.1)
Interest payable on bonds
(22.5)
(8.4)
Interest payable on leases
(9.1)
(9.5)
Foreign exchange movements on foreign denominated borrowings
(0.5)
(0.6)
Fair value movements on cash flow hedges recycled from other
comprehensive income
0.2
\u2013
Other
(3.4)
(2.6)
(43.6)
(44.2)
Net finance costs
(35.6)
(35.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-480": { "value": "
8 Information relating to Directors and employees
2025 2024
No. No.
Monthly average number of people employed during the year
including Executive Directors by segment was:
Infrastructure Services
6,000
5,764
Construction
3,772
3,842
Property
73
70
Corporate
516
542
10,361
10,218
6 employees are located outside of the UK (2024: 19).
2025 2024
Note \u00a3m \u00a3m
Group staff costs by segment are as follows:
Infrastructure Services
427.9
384.7
Construction
300.6
288.0
Property
13.5
11.5
Corporate
53.4
51.1
795.4
735.3
Comprising:
Wages and salaries
677.0
632.4
Social security costs
75.2
65.8
Defined benefit pension scheme net credit
to the income statement
9
(2.2)
(3.9)
Contributions to defined contribution
pension schemes
36.5
31.7
Share-based payments charge
25
8.9
9.3
795.4
735.3
The amounts disclosed above are in relation to the entirety of the Group\u2019s Directors
and employees.
Information relating to Directors\u2019 emoluments, pension entitlements, share options
and LTIP interests appears in the Directors\u2019 Remuneration report on pages 92\u2013115.
2030 &
2026 2027 2028 2029 beyond
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deficit contributions
5.2
3.5
0.9
\u2013
\u2013
The Group has also agreed with the Trustees of a number of the schemes to meet the
scheme\u2019s expenses including their Pension Protection Fund levies. During the year the
Group incurred fees totalling \u00a30.8m (2024: \u00a30.6m) in respect of the running and
administration of the defined benefit schemes, with a further \u00a32.0m (2024: \u00a31.7m)
paid directly by the schemes.
The deficit recovery plans agreed with the Trustees of each of the defined benefit
schemes constitute minimum funding requirements for the purposes of IFRIC 14.
These minimum funding requirements do not give rise to any additional liabilities
on the Group\u2019s balance sheet, as the Group has determined that it has a right to
benefit from any surplus created by overpaid contributions, through either a reduction
in future contributions or refunds of the surpluses on winding up of the schemes.
Contributions to defined contribution schemes
Contributions are also made to a number of defined contribution arrangements.
The Group paid contributions to these arrangements of \u00a336.5m (2024: \u00a331.7m) during
the year.
The Group makes contributions to local government defined benefit pension schemes
in respect of certain employees who have transferred to the Group under TUPE transfer
arrangements. The Group is unable to identify its share of the underlying assets and
liabilities in the schemes on a consistent and reasonable basis and consequently the
pension costs for these schemes are treated as if they were defined contribution schemes.
IAS 19 \u2018Employee Benefits\u2019 disclosures
The Group recognises any actuarial gains or losses through the statement of comprehensive
income as required under IAS 19.
The weighted average duration of the schemes\u2019 liabilities is approximately
12 years (2024: 12 years).
The IAS 19 accounting valuations at 30 June 2025 of some of the Group\u2019s defined benefit
schemes, indicated that the assets of each scheme exceeded their respective scheme
liabilities. The Group has recognised these surpluses as retirement benefit assets on its
balance sheet under IAS 19 and IFRIC 14, as the Group has determined that it has a right
to benefit from any surpluses, through either reduced contributions or a refund of the
surpluses on winding up of the schemes.
The principal assumptions used by the independent qualified actuaries are shown in
the following table. This set of assumptions was used to value all of the defined benefit
schemes and has been based on the weighted average duration of the schemes\u2019
liabilities, with the exception of CPI assumptions, which have been based on the
expected durations of each individual scheme.
2025 2024
% %
Discount rate
5.50
5.15
Inflation rate (Retail Price Index (RPI))
2.90
3.20
Inflation rate (Consumer Price Index (CPI))
2.20\u20132.65
2.40\u20132.85
Rate of general increases in pensionable salaries
2.90
3.20
Rate of increase in pensions payments liable for
Limited Price Indexation
\u2014 RPI subject to minimum of 0% and a maximum 5%
2.80
2.95
\u2014 RPI subject to minimum of 0% and a maximum 2.5%
1.90
1.90
The mortality assumptions used were as follows:
2025
2024
Male years
Female years
Male years
Female years
Life expectancy for a male/female
currently aged 60
\u2014 Kier Group scheme
26.2
28.3
25.9
28.0
\u2014 Acquired schemes
24.9\u201326.5
27.7\u201328.8
24.6\u201326.3
27.4\u201328.2
Life expectancy for a male/female
member aged 60, in 20 years\u2019 time
\u2014 Kier Group scheme
27.6
29.5
27.2
29.2
\u2014 Acquired schemes
26.5\u201327.8
29.1\u201330.3
26.2\u201327.4
28.8\u201329.5
The amounts recognised in the income statement and statement of other comprehensive
income and the movements in the net retirement benefit surplus/(deficit) in respect of
the defined benefit schemes are as follows:
2025
2024
Kier Acquired Kier Acquired
Group schemes Total Group schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening net surplus/(deficit)
96.9
(16.4)
80.5
117.5
(13.0)
104.5
Current service cost
\u2013
(0.1)
(0.1)
\u2013
(0.1)
(0.1)
Administration expenses
(1.8)
(0.2)
(2.0)
(1.4)
(0.3)
(1.7)
Net interest on net defined
benefit surplus
4.9
(0.6)
4.3
6.2
(0.5)
5.7
Total income/(expense)
recognised in the
income statement
3.1
(0.9)
2.2
4.8
(0.9)
3.9
Actual return less than that
recognised in net interest
(57.7)
(26.8)
(84.5)
(28.0)
(13.1)
(41.1)
Actuarial gains/(losses) due to
changes in financial assumptions
36.2
23.7
59.9
(14.9)
(10.2)
(25.1)
Actuarial (losses)/gains from
demographic assumptions
(5.9)
(3.1)
(9.0)
17.2
8.9
26.1
Actuarial (losses)/gains due
to liability experience
(3.9)
(5.0)
(8.9)
0.3
3.3
3.6
Total amount recognised in
other comprehensive loss
(31.3)
(11.2)
(42.5)
(25.4)
(11.1)
(36.5)
Contributions by the employer
\u2013
7.0
7.0
\u2013
8.6
8.6
Closing net surplus/(deficit)
68.7
(21.5)
47.2
96.9
(16.4)
80.5
Changes in the fair value
of scheme assets
Fair value at 1 July
825.2
393.4
1,218.6
850.9
396.8
1,247.7
Annuity policies included
\u2013
1.4
1.4
\u2013
\u2013
\u2013
Interest income on scheme assets
41.3
19.9
61.2
44.0
20.7
64.7
Remeasurement losses
on scheme assets
(57.7)
(26.8)
(84.5)
(28.0)
(13.1)
(41.1)
Contributions by the employer
\u2013
7.0
7.0
\u2013
8.6
8.6
Net benefits paid out
(44.0)
(22.5)
(66.5)
(40.3)
(19.3)
(59.6)
Administration expenses
(1.8)
(0.2)
(2.0)
(1.4)
(0.3)
(1.7)
Fair value at 30 June
763.0
372.2
1,135.2
825.2
393.4
1,218.6
2025
2024
Kier Acquired Kier Acquired
Group schemes Total Group schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Changes in the present value of
the defined benefit obligation
Present value at 1 July
(728.3)
(409.8)
(1,138.1)
(733.4)
(409.8)
(1,143.2)
Annuity policies included
\u2013
(1.4)
(1.4)
\u2013
\u2013
\u2013
Current service cost
\u2013
(0.1)
(0.1)
\u2013
(0.1)
(0.1)
Interest expense on
scheme liabilities
(36.4)
(20.5)
(56.9)
(37.8)
(21.2)
(59.0)
Actuarial gains/(losses)
due to changes in
financial assumptions
36.2
23.7
59.9
(14.9)
(10.2)
(25.1)
Actuarial (losses)/gains
due to changes in
demographic assumptions
(5.9)
(3.1)
(9.0)
17.2
8.9
26.1
Actuarial (losses)/gains due
to liability experience
(3.9)
(5.0)
(8.9)
0.3
3.3
3.6
Net benefits paid out
44.0
22.5
66.5
40.3
19.3
59.6
Present value at 30 June
(694.3)
(393.7)
(1,088.0)
(728.3)
(409.8)
(1,138.1)
Amounts included in the
balance sheet
Fair value of scheme assets
763.0
372.2
1,135.2
825.2
393.4
1,218.6
Net present value of the defined
benefit obligation
(694.3)
(393.7)
(1,088.0)
(728.3)
(409.8)
(1,138.1)
Net surplus/(deficit)
68.7
(21.5)
47.2
96.9
(16.4)
80.5
Related deferred tax
(liability)/asset
(17.2)
5.4
(11.8)
(24.0)
4.0
(20.0)
Net pension asset/(liability)
51.5
(16.1)
35.4
72.9
(12.4)
60.5
The net surplus/(deficit) above is split between retirement benefit assets and
obligations in the statement of financial position based on whether the individual
pension schemes have a net surplus or deficit, as follows:
2025
2024
Kier Acquired Kier Acquired
Group schemes Total Group schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Retirement benefit assets
68.7
5.4
74.1
96.9
8.1
105.0
Retirement benefit obligation
\u2013
(26.9)
(26.9)
\u2013
(24.5)
(24.5)
Net surplus/(deficit)
68.7
(21.5)
47.2
96.9
(16.4)
80.5
The assets, liabilities and net pension liabilities for the defined benefit arrangements are
shown below. The assets are invested with professional investment managers and are
measured based on quoted market valuations at the balance sheet date, with the
exception of property assets and annuity policies, which are based on unquoted valuations.
2025
2024
Kier Acquired Kier Acquired
Group schemes Total Group schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Equities
204.7
130.6
335.3
210.0
127.7
337.7
Corporate bonds
123.9
10.3
134.2
91.0
10.0
101.0
Government bonds
153.3
62.4
215.7
186.5
60.5
247.0
Index-linked bonds
194.9
101.5
296.4
196.9
108.8
305.7
Fixed income aggregate funds
61.1
52.6
113.7
84.5
48.8
133.3
Cash
32.0
9.5
41.5
41.0
17.6
58.6
Property
\u2013
3.7
3.7
14.2
6.2
20.4
Absolute return
\u2013
4.8
4.8
\u2013
0.1
0.1
Annuity policies
\u2013
1.9
1.9
\u2013
0.5
0.5
Multi-asset
\u2013
\u2013
\u2013
\u2013
14.1
14.1
Derivatives
(6.9)
(5.1)
(12.0)
1.1
(0.9)
0.2
Total market value of assets
763.0
372.2
1,135.2
825.2
393.4
1,218.6
History of experience gains and losses for defined benefit schemes in aggregate:
2025 2024 2023 2022 2021
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fair value of scheme assets
1,135.2
1,218.6
1,247.7
1,557.0
1,909.9
Net present value of the defined
benefit obligation
(1,088.0)
(1,138.1)
(1,143.2)
(1,362.3)
(1,863.7)
Net surplus
47.2
80.5
104.5
194.7
46.2
Related deferred tax liability
(11.8)
(20.0)
(26.1)
(49.3)
(12.6)
Net pension asset
35.4
60.5
78.4
145.4
33.6
Difference between expected and
actual return on scheme assets
(84.5)
(41.1)
(315.4)
(339.9)
(26.6)
Experience (losses)/gains on
scheme liabilities
(8.9)
3.6
(51.4)
(10.4)
19.2
Risk exposure
As IAS 19 actuarial assumptions are driven by market conditions, there is a risk that
significant changes in financial market conditions could lead to volatility in the defined
benefit obligation disclosed in the balance sheet from year to year. In addition, the
asset position may also be volatile as it will be influenced by changes in market conditions.
However, the risk of significant changes to the overall balance sheet position has been
mitigated to an extent due to the risk management strategy used by the schemes as
described below.
Most of the Group\u2019s defined benefit schemes share a common single corporate trustee
and have aligned their investment strategy and risk management process, providing
a consistent framework across the schemes to achieve their long-term objective.
These schemes have appointed Schroders Investment Management Limited as their
outsourced chief investment officer (OCIO). The scheme assets are managed by the
OCIO using a combination of external and internal funds. All of the assets in these
schemes consist of four high-level strategic building blocks, i.e. growth, structured
equity, cash flow driven investments and liability hedging.
The growth asset portfolio is designed for long-term stable returns. It is an actively
managed diversified portfolio consisting of equity, return seeking credit, alternatives,
property, cash and sovereign bonds. The schemes access further equity exposure
with built-in explicit downside protection through their structured equity allocation.
The cash flow driven investment allocations, consisting of high-quality corporate bonds,
distribute income periodically to support the schemes in meeting pension payments.
The liability hedging portfolio (consisting of cash, physical gilts and gilt repurchase
agreements as well as interest and inflation swaps) is designed to hedge each
scheme\u2019s sensitivity to changes in interest rate and inflation and targets a high hedge
ratio. The Kier Group Pension Scheme is hedging 100% of funded low dependency liabilities,
with other schemes hedging 100% of funded technical provisions liabilities. The schemes
hedge the majority of the currency exposure within their investment strategy.
Virgin Media case
In June 2023, in the case of Virgin Media vs NTL Pension Trustees II Limited, the High Court
judged that amendments made to the Virgin Media scheme were invalid because they
were not accompanied by the correct actuarial confirmation. The case was subsequently
reviewed by the Court of Appeal in July 2024, which upheld the High Court\u2019s decision.
The Court\u2019s decision had wide ranging implications, potentially affecting other schemes
that were contracted out on a salary-related basis, and made amendments between
April 1997 and April 2016. Recognising the need for clarity around scheme liabilities and
member benefits, in June 2025, the Department for Work & Pensions (DWP) announced
that the Government will introduce legislation to give affected pension schemes the ability
to retrospectively obtain written actuarial confirmation that historic benefit changes met
the necessary standards. This announcement, alongside other factors, means the Group
does not expect the Virgin Media ruling to give rise to any additional liabilities within its
pension schemes.
Pension sensitivity
The following table shows the change in the net surplus or deficit arising from a change
in the significant actuarial assumptions used to determine the Group\u2019s retirement
benefit obligations:
2025
2024
+0.25%/+1 year -0.25%/-1 year +0.25%/+1 year -0.25%/-1 year
\u00a3m \u00a3m \u00a3m \u00a3m
Discount rate (+/-0.25%)
28.6
(29.8)
32.5
(34.0)
Inflation rate (+/-0.25%)
(16.6)
18.3
(19.2)
18.0
Life expectancy (+/-1 year)
(28.7)
28.6
(33.2)
33.3
The sensitivity analyses above have been determined based on reasonably possible
changes in the respective assumptions occurring at the end of the reporting period,
derived from an isolated change in a key assumption while holding all other assumptions
constant, and may not be representative of the actual change. When calculating the
sensitivity to the assumption, the same method used to calculate the liability recognised
in the balance sheet has been applied. The inflation sensitivities shown above include
the impact of both RPI and CPI inflation, and of other inflation related assumptions
(such as pension increases in payment). The methods and types of assumptions used
in preparing the sensitivity analyses did not change compared with the previous year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-481": { "value": "
9 Retirement benefit obligations
The Group operates a number of pension schemes for eligible employees. The Kier
Group scheme is the principal scheme and includes a defined benefit section and a
defined contribution section. The defined benefit section of the scheme was closed
to new entrants on 1 January 2002; existing members continued to accrue benefits for
service until the scheme was closed to future accrual on 28 February 2015. Six other
defined benefit schemes were acquired with the past acquisition of the May Gurney,
Mouchel and McNicholas groups. These schemes are all closed to new entrants and
to future accrual, with the exception of one small scheme which remains open to future
accrual for five (2024: five) active members. This scheme is a multi-employer scheme;
however, Kier\u2019s share is separately identifiable and therefore the movements in the
period are determined by reference to the change in valuation of this separate subsection.
The assets of the defined benefit schemes are held in trust separate from the assets of
the Group. The Trustees are responsible for investing the assets and delegate day-to-day
decisions to independent professional investment managers. The schemes are established
under UK trust law and have a corporate trustee that is required to run the schemes in
accordance with the schemes\u2019 Trust Deed and Rules and to comply with all relevant
legislation. Responsibility for the governance of the schemes lies with the Trustees.
The pension obligations of the Group are valued separately for accounting and funding
purposes. The accounting valuations under IAS 19 require \u2018best estimate\u2019 assumptions
to be used whereas the funding valuations use more prudent assumptions. A further
difference arises from the differing dates of the valuations. The accounting pension
surplus or deficit is calculated at the balance sheet date (30 June) each year, whereas
the actuarial valuations are carried out on a triennial basis at 31 March, or in the case of
one scheme, 31 December. The differing bases and timings of the valuations can result
in materially different pension surplus or deficit amounts.
Contributions to defined benefit schemes
The aggregate contributions payable in the year ended 30 June 2025 in respect of
the Group\u2019s defined benefit pension schemes amounted to \u00a37.0m (2024: \u00a38.6m), which
included past service deficit contributions of \u00a36.9m (2024: \u00a38.5m) and current service
employer contributions of \u00a30.1m (2024: \u00a30.1m).
The Group agreed revised deficit recovery plans with the Trustees of the Kier Group
scheme, May Gurney scheme and Mouchel schemes on 25 May 2023, and agreed
the latest schedule of contributions for the McNicholas scheme on 27 February 2024.
Based on these contribution plans, the Group expects to make the following
contributions in future years:
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-517": { "value": "9 Retirement benefit obligations The Group operates a number of pension schemes for eligible employees. The Kier Group scheme is the principal scheme and includes a defined benefit section and a defined contribution section. The defined benefit section of the scheme was closed to new entrants on 1 January 2002; existing members continued to accrue benefits for service until the scheme was closed to future accrual on 28 February 2015. Six other defined benefit schemes were acquired with the past acquisition of the May Gurney, Mouchel and McNicholas groups. These schemes are all closed to new entrants and to future accrual, with the exception of one small scheme which remains open to future accrual for five (2024: five) active members. This scheme is a multi-employer scheme; however, Kier\u2019s share is separately identifiable and therefore the movements in the period are determined by reference to the change in valuation of this separate subsection. The assets of the defined benefit schemes are held in trust separate from the assets of the Group. The Trustees are responsible for investing the assets and delegate day-to-day decisions to independent professional investment managers. The schemes are established under UK trust law and have a corporate trustee that is required to run the schemes in accordance with the schemes\u2019 Trust Deed and Rules and to comply with all relevant legislation. Responsibility for the governance of the schemes lies with the Trustees. The pension obligations of the Group are valued separately for accounting and funding purposes. The accounting valuations under IAS 19 require \u2018best estimate\u2019 assumptions to be used whereas the funding valuations use more prudent assumptions. A further difference arises from the differing dates of the valuations. The accounting pension surplus or deficit is calculated at the balance sheet date (30 June) each year, whereas the actuarial valuations are carried out on a triennial basis at 31 March, or in the case of one scheme, 31 December. The differing bases and timings of the valuations can result in materially different pension surplus or deficit amounts. IAS 19 \u2018Employee Benefits\u2019 disclosures The Group recognises any actuarial gains or losses through the statement of comprehensive income as required under IAS 19. The weighted average duration of the schemes\u2019 liabilities is approximately 12 years (2024: 12 years). The IAS 19 accounting valuations at 30 June 2025 of some of the Group\u2019s defined benefit schemes, indicated that the assets of each scheme exceeded their respective scheme liabilities. The Group has recognised these surpluses as retirement benefit assets on its balance sheet under IAS 19 and IFRIC 14, as the Group has determined that it has a right to benefit from any surpluses, through either reduced contributions or a refund of the surpluses on winding up of the schemes. The principal assumptions used by the independent qualified actuaries are shown in the following table. This set of assumptions was used to value all of the defined benefit schemes and has been based on the weighted average duration of the schemes\u2019 liabilities, with the exception of CPI assumptions, which have been based on the expected durations of each individual scheme.
2025 2024
% %
Discount rate
5.50
5.15
Inflation rate (Retail Price Index (RPI))
2.90
3.20
Inflation rate (Consumer Price Index (CPI))
2.20\u20132.65
2.40\u20132.85
Rate of general increases in pensionable salaries
2.90
3.20
Rate of increase in pensions payments liable for
Limited Price Indexation
\u2014 RPI subject to minimum of 0% and a maximum 5%
2.80
2.95
\u2014 RPI subject to minimum of 0% and a maximum 2.5%
1.90
1.90
The mortality assumptions used were as follows:
2025
2024
Male years
Female years
Male years
Female years
Life expectancy for a male/female
currently aged 60
\u2014 Kier Group scheme
26.2
28.3
25.9
28.0
\u2014 Acquired schemes
24.9\u201326.5
27.7\u201328.8
24.6\u201326.3
27.4\u201328.2
Life expectancy for a male/female
member aged 60, in 20 years\u2019 time
\u2014 Kier Group scheme
27.6
29.5
27.2
29.2
\u2014 Acquired schemes
26.5\u201327.8
29.1\u201330.3
26.2\u201327.4
28.8\u201329.5
The amounts recognised in the income statement and statement of other comprehensive income and the movements in the net retirement benefit surplus/(deficit) in respect of the defined benefit schemes are as follows:
2025
2024
Kier Acquired Kier Acquired
Group schemes Total Group schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening net surplus/(deficit)
96.9
(16.4)
80.5
117.5
(13.0)
104.5
Current service cost
\u2013
(0.1)
(0.1)
\u2013
(0.1)
(0.1)
Administration expenses
(1.8)
(0.2)
(2.0)
(1.4)
(0.3)
(1.7)
Net interest on net defined
benefit surplus
4.9
(0.6)
4.3
6.2
(0.5)
5.7
Total income/(expense)
recognised in the
income statement
3.1
(0.9)
2.2
4.8
(0.9)
3.9
Actual return less than that
recognised in net interest
(57.7)
(26.8)
(84.5)
(28.0)
(13.1)
(41.1)
Actuarial gains/(losses) due to
changes in financial assumptions
36.2
23.7
59.9
(14.9)
(10.2)
(25.1)
Actuarial (losses)/gains from
demographic assumptions
(5.9)
(3.1)
(9.0)
17.2
8.9
26.1
Actuarial (losses)/gains due
to liability experience
(3.9)
(5.0)
(8.9)
0.3
3.3
3.6
Total amount recognised in
other comprehensive loss
(31.3)
(11.2)
(42.5)
(25.4)
(11.1)
(36.5)
Contributions by the employer
\u2013
7.0
7.0
\u2013
8.6
8.6
Closing net surplus/(deficit)
68.7
(21.5)
47.2
96.9
(16.4)
80.5
Changes in the fair value
of scheme assets
Fair value at 1 July
825.2
393.4
1,218.6
850.9
396.8
1,247.7
Annuity policies included
\u2013
1.4
1.4
\u2013
\u2013
\u2013
Interest income on scheme assets
41.3
19.9
61.2
44.0
20.7
64.7
Remeasurement losses
on scheme assets
(57.7)
(26.8)
(84.5)
(28.0)
(13.1)
(41.1)
Contributions by the employer
\u2013
7.0
7.0
\u2013
8.6
8.6
Net benefits paid out
(44.0)
(22.5)
(66.5)
(40.3)
(19.3)
(59.6)
Administration expenses
(1.8)
(0.2)
(2.0)
(1.4)
(0.3)
(1.7)
Fair value at 30 June
763.0
372.2
1,135.2
825.2
393.4
1,218.6
2025
2024
Kier Acquired Kier Acquired
Group schemes Total Group schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Changes in the present value of
the defined benefit obligation
Present value at 1 July
(728.3)
(409.8)
(1,138.1)
(733.4)
(409.8)
(1,143.2)
Annuity policies included
\u2013
(1.4)
(1.4)
\u2013
\u2013
\u2013
Current service cost
\u2013
(0.1)
(0.1)
\u2013
(0.1)
(0.1)
Interest expense on
scheme liabilities
(36.4)
(20.5)
(56.9)
(37.8)
(21.2)
(59.0)
Actuarial gains/(losses)
due to changes in
financial assumptions
36.2
23.7
59.9
(14.9)
(10.2)
(25.1)
Actuarial (losses)/gains
due to changes in
demographic assumptions
(5.9)
(3.1)
(9.0)
17.2
8.9
26.1
Actuarial (losses)/gains due
to liability experience
(3.9)
(5.0)
(8.9)
0.3
3.3
3.6
Net benefits paid out
44.0
22.5
66.5
40.3
19.3
59.6
Present value at 30 June
(694.3)
(393.7)
(1,088.0)
(728.3)
(409.8)
(1,138.1)
Amounts included in the
balance sheet
Fair value of scheme assets
763.0
372.2
1,135.2
825.2
393.4
1,218.6
Net present value of the defined
benefit obligation
(694.3)
(393.7)
(1,088.0)
(728.3)
(409.8)
(1,138.1)
Net surplus/(deficit)
68.7
(21.5)
47.2
96.9
(16.4)
80.5
Related deferred tax
(liability)/asset
(17.2)
5.4
(11.8)
(24.0)
4.0
(20.0)
Net pension asset/(liability)
51.5
(16.1)
35.4
72.9
(12.4)
60.5
The net surplus/(deficit) above is split between retirement benefit assets and obligations in the statement of financial position based on whether the individual pension schemes have a net surplus or deficit, as follows:
2025
2024
Kier Acquired Kier Acquired
Group schemes Total Group schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Retirement benefit assets
68.7
5.4
74.1
96.9
8.1
105.0
Retirement benefit obligation
\u2013
(26.9)
(26.9)
\u2013
(24.5)
(24.5)
Net surplus/(deficit)
68.7
(21.5)
47.2
96.9
(16.4)
80.5
The assets, liabilities and net pension liabilities for the defined benefit arrangements are shown below. The assets are invested with professional investment managers and are measured based on quoted market valuations at the balance sheet date, with the exception of property assets and annuity policies, which are based on unquoted valuations.
2025
2024
Kier Acquired Kier Acquired
Group schemes Total Group schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Equities
204.7
130.6
335.3
210.0
127.7
337.7
Corporate bonds
123.9
10.3
134.2
91.0
10.0
101.0
Government bonds
153.3
62.4
215.7
186.5
60.5
247.0
Index-linked bonds
194.9
101.5
296.4
196.9
108.8
305.7
Fixed income aggregate funds
61.1
52.6
113.7
84.5
48.8
133.3
Cash
32.0
9.5
41.5
41.0
17.6
58.6
Property
\u2013
3.7
3.7
14.2
6.2
20.4
Absolute return
\u2013
4.8
4.8
\u2013
0.1
0.1
Annuity policies
\u2013
1.9
1.9
\u2013
0.5
0.5
Multi-asset
\u2013
\u2013
\u2013
\u2013
14.1
14.1
Derivatives
(6.9)
(5.1)
(12.0)
1.1
(0.9)
0.2
Total market value of assets
763.0
372.2
1,135.2
825.2
393.4
1,218.6
History of experience gains and losses for defined benefit schemes in aggregate:
2025 2024 2023 2022 2021
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fair value of scheme assets
1,135.2
1,218.6
1,247.7
1,557.0
1,909.9
Net present value of the defined
benefit obligation
(1,088.0)
(1,138.1)
(1,143.2)
(1,362.3)
(1,863.7)
Net surplus
47.2
80.5
104.5
194.7
46.2
Related deferred tax liability
(11.8)
(20.0)
(26.1)
(49.3)
(12.6)
Net pension asset
35.4
60.5
78.4
145.4
33.6
Difference between expected and
actual return on scheme assets
(84.5)
(41.1)
(315.4)
(339.9)
(26.6)
Experience (losses)/gains on
scheme liabilities
(8.9)
3.6
(51.4)
(10.4)
19.2
Risk exposure As IAS 19 actuarial assumptions are driven by market conditions, there is a risk that significant changes in financial market conditions could lead to volatility in the defined benefit obligation disclosed in the balance sheet from year to year. In addition, the asset position may also be volatile as it will be influenced by changes in market conditions. However, the risk of significant changes to the overall balance sheet position has been mitigated to an extent due to the risk management strategy used by the schemes as described below. Most of the Group\u2019s defined benefit schemes share a common single corporate trustee and have aligned their investment strategy and risk management process, providing a consistent framework across the schemes to achieve their long-term objective. These schemes have appointed Schroders Investment Management Limited as their outsourced chief investment officer (OCIO). The scheme assets are managed by the OCIO using a combination of external and internal funds. All of the assets in these schemes consist of four high-level strategic building blocks, i.e. growth, structured equity, cash flow driven investments and liability hedging. The growth asset portfolio is designed for long-term stable returns. It is an actively managed diversified portfolio consisting of equity, return seeking credit, alternatives, property, cash and sovereign bonds. The schemes access further equity exposure with built-in explicit downside protection through their structured equity allocation. The cash flow driven investment allocations, consisting of high-quality corporate bonds, distribute income periodically to support the schemes in meeting pension payments. The liability hedging portfolio (consisting of cash, physical gilts and gilt repurchase agreements as well as interest and inflation swaps) is designed to hedge each scheme\u2019s sensitivity to changes in interest rate and inflation and targets a high hedge ratio. The Kier Group Pension Scheme is hedging 100% of funded low dependency liabilities, with other schemes hedging 100% of funded technical provisions liabilities. The schemes hedge the majority of the currency exposure within their investment strategy. Virgin Media case In June 2023, in the case of Virgin Media vs NTL Pension Trustees II Limited, the High Court judged that amendments made to the Virgin Media scheme were invalid because they were not accompanied by the correct actuarial confirmation. The case was subsequently reviewed by the Court of Appeal in July 2024, which upheld the High Court\u2019s decision. The Court\u2019s decision had wide ranging implications, potentially affecting other schemes that were contracted out on a salary-related basis, and made amendments between April 1997 and April 2016. Recognising the need for clarity around scheme liabilities and member benefits, in June 2025, the Department for Work & Pensions (DWP) announced that the Government will introduce legislation to give affected pension schemes the ability to retrospectively obtain written actuarial confirmation that historic benefit changes met the necessary standards. This announcement, alongside other factors, means the Group does not expect the Virgin Media ruling to give rise to any additional liabilities within its pension schemes. Pension sensitivity The following table shows the change in the net surplus or deficit arising from a change in the significant actuarial assumptions used to determine the Group\u2019s retirement benefit obligations:
2025
2024
+0.25%/+1 year -0.25%/-1 year +0.25%/+1 year -0.25%/-1 year
\u00a3m \u00a3m \u00a3m \u00a3m
Discount rate (+/-0.25%)
28.6
(29.8)
32.5
(34.0)
Inflation rate (+/-0.25%)
(16.6)
18.3
(19.2)
18.0
Life expectancy (+/-1 year)
(28.7)
28.6
(33.2)
33.3
The sensitivity analyses above have been determined based on reasonably possible changes in the respective assumptions occurring at the end of the reporting period, derived from an isolated change in a key assumption while holding all other assumptions constant, and may not be representative of the actual change. When calculating the sensitivity to the assumption, the same method used to calculate the liability recognised in the balance sheet has been applied. The inflation sensitivities shown above include the impact of both RPI and CPI inflation, and of other inflation related assumptions (such as pension increases in payment). The methods and types of assumptions used in preparing the sensitivity analyses did not change compared with the previous year.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-518": { "value": "Contributions to defined benefit schemes The aggregate contributions payable in the year ended 30 June 2025 in respect of the Group\u2019s defined benefit pension schemes amounted to \u00a37.0m (2024: \u00a38.6m), which included past service deficit contributions of \u00a36.9m (2024: \u00a38.5m) and current service employer contributions of \u00a30.1m (2024: \u00a30.1m). The Group agreed revised deficit recovery plans with the Trustees of the Kier Group scheme, May Gurney scheme and Mouchel schemes on 25 May 2023, and agreed the latest schedule of contributions for the McNicholas scheme on 27 February 2024. Based on these contribution plans, the Group expects to make the following contributions in future years:
2030 &
2026 2027 2028 2029 beyond
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deficit contributions
5.2
3.5
0.9
\u2013
\u2013
The Group has also agreed with the Trustees of a number of the schemes to meet the scheme\u2019s expenses including their Pension Protection Fund levies. During the year the Group incurred fees totalling \u00a30.8m (2024: \u00a30.6m) in respect of the running and administration of the defined benefit schemes, with a further \u00a32.0m (2024: \u00a31.7m) paid directly by the schemes. The deficit recovery plans agreed with the Trustees of each of the defined benefit schemes constitute minimum funding requirements for the purposes of IFRIC 14. These minimum funding requirements do not give rise to any additional liabilities on the Group\u2019s balance sheet, as the Group has determined that it has a right to benefit from any surplus created by overpaid contributions, through either a reduction in future contributions or refunds of the surpluses on winding up of the schemes. Contributions to defined contribution schemes Contributions are also made to a number of defined contribution arrangements. The Group paid contributions to these arrangements of \u00a336.5m (2024: \u00a331.7m) during the year. The Group makes contributions to local government defined benefit pension schemes in respect of certain employees who have transferred to the Group under TUPE transfer arrangements. The Group is unable to identify its share of the underlying assets and liabilities in the schemes on a consistent and reasonable basis and consequently the pension costs for these schemes are treated as if they were defined contribution schemes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-482": { "value": "
10 Taxation
Taxation in respect of continuing operations is analysed below.
(a) Recognised in the income statement
2025 2024
\u00a3m \u00a3m
Current tax
UK corporation tax
12.5
12.5
Adjustments in respect of prior years
\u2013
(0.3)
Total current tax charge
12.5
12.2
Deferred tax
Origination and reversal of temporary differences
10.9
8.0
Adjustments in respect of prior years
(1.7)
(3.4)
Total deferred tax
9.2
4.6
Total tax charge in the income statement
21.7
16.8
Reconciliation of effective tax rate
Profit before tax
78.1
68.1
Losses from joint venture companies
\u2013
1.6
Profit before tax excluding income from joint ventures
78.1
69.7
Income tax at UK corporation tax rate of 25% (2024: 25%)
19.5
17.4
Non-deductible expenses
5.0
3.4
Income not taxable
(1.3)
(3.1)
Impact of Group relief and consortium relief
\u2013
1.7
Share-based payment
0.2
0.8
Deferred tax not recognised
\u2013
0.3
Adjustments in respect of prior years
(1.7)
(3.7)
Total tax
21.7
16.8
Kier Group and its subsidiaries are based predominantly in the UK and are subject to UK
corporation tax. The Group does not have an aggressive tax policy and since 1 July 2012
Kier has not entered into any tax avoidance schemes which were or should have been
notified under the Disclosure of Tax Avoidance Scheme (DOTAS) rules.
The Group tax charge excluding joint venture companies of \u00a321.7m (2024: \u00a316.8m) shown
in the table equates to an effective tax rate of 27.8% (2024: 24.1%) on profit before tax
excluding joint venture companies and including joint venture LLPs of \u00a378.1m (2024:
\u00a369.7m). This effective rate is different from the standard rate of corporation tax of 25%
(2024: 25%) due to items shown in the table.
The non-deductible expenses mainly relate to depreciation on non-qualifying assets,
disallowed provisions, entertaining and legal and professional fees not eligible for tax
relief. Income not taxable relates mainly to the reversal of impairments, insurance
receipts and foreign exchange gains. Deferred tax not recognised/(utilisation and
recognition of tax losses) relates to deferred tax on losses not previously recognised less
deferred tax on losses not expected to be recoverable.
In accordance with UK tax legislation, capital gains arising on disposal of certain
investments, including some of the joint ventures disposed of during the year,
are not subject to tax.
Tax relief on expenses not recognised in the income statement includes the impact of
the tax deduction received in respect of the cost of shares exercised under the Group\u2019s
employee Save As You Earn scheme and Long-Term Incentive Plan.
The Group provides for future liabilities in respect of uncertain tax positions where
additional tax may become payable in future periods and such provisions are based
on management\u2019s assessment of exposure. At the balance sheet date, a deferred tax
liability of \u00a35.2m (2024: \u00a31.7m) has been recognised in respect of uncertain tax positions.
The net credit of \u00a31.7m (2024: \u00a33.7m) in respect of prior years\u2019 results arise from
differences between the estimates of taxation included in the previous years\u2019 financial
statements and the actual tax liabilities calculated in the tax returns submitted to HMRC.
The Group is within scope of the OECD Pillar Two rules. Pillar Two legislation has been
enacted in the UK, the jurisdiction in which the entity is incorporated, and is effective for
accounting periods that began on or after 31 December 2023. Under the legislation, the
Group is liable to pay a top-up tax in the UK for the difference between the GloBE effective
tax rate for each jurisdiction and the 15% minimum rate. In addition, top-up taxes are
payable locally where qualifying domestic minimum top-up taxes have been legislated
and are in effect.
The Group has assessed its potential exposure to the Pillar Two rules for the year ended
30 June 2025, using profits and tax expense information determined as part of the
preparation of the Group\u2019s financial statements, and as a result has not accrued any tax
charges under the Pillar Two rules. This is on the basis that transitional safe harbours will
apply in each material jurisdiction. The Group continues to assess the potential impact of
new Pillar Two guidance and legislation as it is released, such as the substantive enactment
of Pillar Two rules in Guernsey. The Guernsey rules will be effective for accounting periods
starting on or after 1 January 2025, but are not expected to change the impact of Pillar Two
on the Group.
The Group has applied the temporary exemption from recognising and disclosing
information about deferred tax assets and liabilities, as provided in the amendments
to IAS 12 in 2023.
(b) Recognised in the cash flow statement
The cash flow statement shows cash of \u00a329.0m, in respect of RDEC credits, was received
during the year (2024: \u00a37.8m) (see note 21), and made tax payments on account of
\u00a31.8m (2024: \u00a32.9m).
(c) Recognised in the statement of comprehensive income
2025 2024
\u00a3m \u00a3m
Deferred tax credit (including effect of change in tax rate)
Fair value movements on cash flow hedging instruments
\u2013
(0.9)
Actuarial losses on defined benefit pension schemes
(8.9)
(7.1)
Total deferred tax credit
(8.9)
(8.0)
Corporation tax credit in respect of pension contributions paid
(1.8)
(2.0)
Total tax credit in the statement of comprehensive income
(10.7)
(10.0)
(d) Factors that may affect future tax charges
The deferred tax balance as at the year end has mainly been recognised at 25.0%
(2024: 25.0%), which is the enacted corporation tax rate effective from 1 April 2023.
Further disclosures in respect of the recoverability of the deferred tax asset have been
included in note 17.
(e) Tax losses
At the balance sheet date, the Group has unused tax losses of \u00a3564.6m (2024: \u00a3591.5m)
available for offset against future profits. A deferred tax asset has been recognised on
\u00a3400.6m (2024: \u00a3427.0m) of these losses.
No deferred tax asset has been recognised in respect of the remaining losses as it is
unlikely that there will be future taxable profit on which these tax losses could be utilised
against. Under present tax legislation, these losses may be carried forward indefinitely.
(f) RDEC
The Research and Development Expenditure Credit (RDEC) of \u00a341.0m was included
in operating profit during the year (2024: \u00a328.3m). Included in other receivables at
30 June 2025 were RDEC receivables of \u00a331.8m (2024: \u00a330.0m). This predominantly
represents in year claims, with the FY24 balance received during the year.
17 Deferred tax
The following are the major deferred tax assets and liabilities recognised by the Group
and movements thereon:
Property, Short-term Retirement
Intangible plant and temporary benefit Tax
assets equipment
differences
1
obligations losses Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 July 2023
(15.9)
24.1
40.5
(26.1)
106.2
128.8
Credited/(charged) to income
statement \u2013 continuing
4.8
(8.1)
(0.9)
(1.0)
0.6
(4.6)
Credited directly to
comprehensive income
\u2013
\u2013
0.9
7.1
\u2013
8.0
Credited directly to equity
\u2013
\u2013
0.9
\u2013
\u2013
0.9
At 30 June 2024
(11.1)
16.0
41.4
(20.0)
106.8
133.1
Acquisitions and disposals
\u2013
\u2013
\u2013
\u2013
0.6
0.6
Credited/(charged) to income
statement \u2013 continuing
4.8
(5.7)
(0.3)
(0.7)
(7.2)
(9.1)
Credited directly to
comprehensive income
\u2013
\u2013
\u2013
8.9
\u2013
8.9
Credited directly to equity
\u2013
\u2013
3.2
\u2013
\u2013
3.2
At 30 June 2025
(6.3)
10.3
44.3
(11.8)
100.2
136.7
1. Included in short-term temporary differences are deferred tax assets of \u00a315.0m (2024: \u00a313.1m) in respect of RDEC
Step 2 amounts carried forward and \u00a327.4m (2024: \u00a325.5m) in respect of the restricted interest amount caught
under the UK Corporate Interest Restrictions (CIR) tax rules.
Deferred tax assets and liabilities are attributed to temporary differences relating to
the following:
Assets
Liabilities
Total
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and
equipment
10.3
16.0
\u2013
\u2013
10.3
16.0
Intangible assets
\u2013
\u2013
(6.3)
(11.1)
(6.3)
(11.1)
Retirement benefit
obligations
\u2013
\u2013
(11.8)
(20.0)
(11.8)
(20.0)
Other short-term
timing differences
44.3
41.4
\u2013
\u2013
44.3
41.4
Tax losses
100.2
106.8
\u2013
\u2013
100.2
106.8
Total
154.8
164.2
(18.1)
(31.1)
136.7
133.1
Set-off tax
(18.1)
(31.1)
18.1
31.1
\u2013
\u2013
Net deferred
tax assets
136.7
133.1
\u2013
\u2013
136.7
133.1
When considering the recoverability of net deferred tax assets, the taxable profit
forecasts are based on the same Board-approved information used to support the
going concern and goodwill impairment assessments. More information on these
forecasts and the methodology applied are included in notes 1 and 13.
The following evidence has been considered when assessing whether these forecasts
are achievable and realistic:
\u2022 The business traded in line with Board expectations in 2025;
\u2022 The Group has completed its restructuring activities and is focusing on the
achievement of the long-term sustainable growth plan; and
\u2022 The Group\u2019s core businesses are well-placed to benefit from the announced and
committed UK Government spending plans to invest in infrastructure and decarbonisation.
When considering the length of time over which the losses are expected to be utilised,
the Group has taken into account that generally only 50% of profits in each year can be
offset by brought forward losses.
Based on these forecasts, the Group is expected to utilise its deferred tax asset over
a period of approximately seven years (2024: eight years).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-483": { "value": "
11 Dividends
The following dividends were recognised in the year:
2025
2024
pence pence
\u00a3m
per share
\u00a3m
per share
Prior year final
15.2
3.5
\u2013
\u2013
Current year interim
8.9
2.0
7.3
1.7
Total dividend recognised in year
24.1
5.5
7.3
1.7
The following dividends were declared in respect of the year:
2025
2024
pence pence
\u00a3m
per share
\u00a3m
per share
Interim
8.9
2.0
7.3
1.7
Final
22.7
5.2
15.1
3.5
Total dividend relating to the year
31.6
7.2
22.4
5.2
The proposed final dividend for the year ending 30 June 2025 of 5. 2p per share (2024: 3 .5p)
was not declared until after the balance sheet date and so has not been included as
a liability in these financial statements. The dividend totalling approximately \u00a322.7m will
be paid on 3 December 2025 to shareholders on the register at the close of business on
31 October 2025.
The parent company of the Group, Kier Group plc, is a non-trading holding company
which derives its distributable reserves in part from dividends received from its subsidiaries.
In determining the level of dividend payable in any year, in addition to the stated policy,
the Board considers a number of other factors, including the following:
\u2022 the level of distributable reserves in the parent company, Kier Group plc;
\u2022 the level of distributable reserves in Kier Group plc\u2019s subsidiaries that are available
to be distributed to Kier Group plc;
\u2022 the availability of cash resources;
\u2022 the Group\u2019s borrowing covenants;
\u2022 future cash commitments and investment plans to support the long-term growth
of the Group; and
\u2022 potential strategic opportunities under consideration.
The Board reviews the level of distributable reserves in the parent company at least
twice a year ahead of announcing proposed interim and final dividends. Distributable
reserves can be significantly impacted by movements in pension liabilities. The reserves
of Kier Group plc are not directly affected by these movements as the pension surpluses
and liabilities are on the balance sheets of a certain number of the Company\u2019s
subsidiaries. However, movements in the pension liabilities do have an effect on the
level of distributable reserves in Kier Group plc\u2019s subsidiaries that are available to be
paid up to the parent. Actuarial gains only increase the distributable reserves to the
extent that they represent reversals of previous actuarial losses; otherwise they are
treated as unrealised and are not distributable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-519": { "value": "0.052", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-520": { "value": "0.035", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-13": { "value": "Kier Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-484": { "value": "
12 Earnings per share
2025
2024
Basic Diluted Basic Diluted
\u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
Profit for the year
56.4
56.4
51.3
51.3
Less: non-controlling interest share
\u2013
\u2013
(0.3)
(0.3)
Profit after tax and minority interests
56.4
56.4
51.0
51.0
Adjusting items (excluding tax)
47.3
47.3
50.0
50.0
Tax impact of adjusting items
(8.5)
(8.5)
(11.6)
(11.6)
Adjusted profit after tax from
continuing operations
95.2
95.2
89.4
89.4
Discontinued operations
Adjusting items from discontinued operations
(net of tax)
\u2013
\u2013
(8.3)
(8.3)
Weighted average number of shares (no, m)
441.5
466.1
433.5
451.7
Basic earnings (p)
Attributable to the ordinary equity holders of
the Company from continuing operations
12.8
12.1
11.8
11.3
Attributable to the ordinary equity holders of
the Company from discontinued operations
\u2013
\u2013
(1.9)
(1.8)
Total basic earnings per share attributable to
the ordinary equity holders of the Company
12.8
12.1
9.9
9.5
Adjusted basic earnings (p)
Adjusted basic earnings per share attributable
to the ordinary equity holders of the Company
21.6
20.4
20.6
19.8
The weighted average number of shares is lower than the number of shares in issue
by 11.4m (2024: 18.6m) primarily due to the movement of shares that are held by the
Group\u2019s employee benefit trusts (see note 25) and treasury shares acquired through
Kier\u2019s share buyback programme, which are excluded from the calculation.
Options granted to employees under the Sharesave and LTIP schemes are considered
to be potential ordinary shares. They have been included in the determination of diluted
earnings per share if the required performance obligations would have been met based
on the Group\u2019s performance up to the reporting date, and to the extent to which they
are dilutive. The options have not been included in the determination of basic earnings
per share. Details relating to the share option schemes are set out in note 25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-485": { "value": "
13 Intangible assets
Intangible
contract Computer
Goodwill rights software Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 July 2023
538.8
235.7
125.7
900.2
Additions
\u2013
\u2013
9.5
9.5
Arising on acquisition
6.8
7.5
\u2013
14.3
Disposals
\u2013
\u2013
(0.1)
(0.1)
At 30 June 2024
545.6
243.2
135.1
923.9
Additions
\u2013
\u2013
5.4
5.4
Disposals
\u2013
\u2013
(5.4)
(5.4)
At 30 June 2025
545.6
243.2
135.1
923.9
Accumulated amortisation
and impairment
At 1 July 2023
(2.1)
(170.9)
(82.2)
(255.2)
Charge for the year
\u2013
(23.2)
(7.4)
(30.6)
Disposals
\u2013
\u2013
0.1
0.1
At 30 June 2024
(2.1)
(194.1)
(89.5)
(285.7)
Charge for the year
\u2013
(21.6)
(13.6)
(35.2)
Disposals
\u2013
\u2013
5.4
5.4
At 30 June 2025
(2.1)
(215.7)
(97.7)
(315.5)
Net book value
At 30 June 2025
543.5
27.5
37.4
608.4
At 30 June 2024
543.5
49.1
45.6
638.2
Goodwill largely relates to the group of cash generating units (CGUs) in the Infrastructure
Services segment and has been built up through acquisitions, primarily MRBL Limited
(Mouchel Group) (\u00a3299.2m), May Gurney Integrated Services PLC (\u00a3194.7m), McNicholas
Construction (Holdings) Limited (\u00a342.8m) and the acquisition arising in the prior year
of the rail assets of the Buckingham Group (\u00a36.8m). These balances have been subject
to an annual impairment review based upon the projected cash flows of each CGU.
The intangible contract rights were recognised on the acquisition of:
\u2022 May Gurney Integrated Services plc \u2014 Cost \u00a3106.8m (2024: \u00a3106.8m). Net book value
\u00a314.9m (2024: \u00a322.5m).
\u2022 MRBL Limited (Mouchel Group) \u2014 Cost \u00a3127.1m (2024: \u00a3127.1m). Net book value
\u00a310.4m (2024: \u00a321.9m).
\u2022 Rail assets of the Buckingham Group \u2014 Cost \u00a37.5m (2024: \u00a37.5m). Net book value
\u00a31.1m (2024: \u00a33.6m).
\u2022 Certain business and assets of Babcock Civil Infrastructure Limited \u2014 Cost \u00a31.6m
(2024: \u00a31.6m). Net book value \u00a31.1m (2024: \u00a31.1m).
Contract rights on May Gurney and Mouchel are amortised on a straight-line basis over
the expected total contract duration. All other contract rights are amortised on a
straight-line basis over the remaining contract life.
Carrying amounts of goodwill and intangible contract rights by CGU
For impairment testing purposes, goodwill has been allocated to the Infrastructure
Services and Construction segments, being the lowest level at which management
monitors goodwill. There is no goodwill attributed to the Property segment. The recoverable
amount of the goodwill and intangibles has been determined based on value in use
calculations, which use cash flow projections based on the Group\u2019s forecasts approved
by management, covering a three-year period. The forecasts are consistent with those
used for the Group\u2019s going concern assessment and viability statement.
The resulting cash flows are discounted to present value, with the discount rate used
in the value in use calculations based on an industry average cost of capital.
The cost of equity is calculated using observable market data from the Group\u2019s competitors.
This data is used to calculate an average unlevered beta value after excluding any
outliers. The average beta is then applied to the UK\u2019s equity risk premium and a risk-free
rate added.
The cost of debt is calculated by taking the expected renewal costs of the Group\u2019s
debt and adjusting for the tax rate.
The cost of equity and cost of debt are then combined using our competitors\u2019 average
debt/equity split. The post-tax discount rate is then used to calculate the pre-tax
discount rates. The pre-tax discount rate, which has been applied to the cash flows for
each CGU, is 13.5% (2024: 12.4%). A terminal growth rate of 1.8% (2024: 1.7%) has been
applied into perpetuity.
2025
2024
Intangible Intangible
contract contract
Goodwill rights Total Goodwill rights Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Infrastructure Services
523.1
26.4
549.5
523.1
48.0
571.1
Construction
20.4
1.1
21.5
20.4
1.1
21.5
543.5
27.5
571.0
543.5
49.1
592.6
Goodwill allocated to the Construction segment is not significant in comparison
to the Group\u2019s total goodwill and is not sensitive to changes in assumptions.
Infrastructure Services
Forecast revenue growth rates and operating profit margins are based on historical
experience, adjusted for the impact of expected changes to contract portfolio and
profitability. Based on the value in use calculation, a recoverable amount for the
Infrastructure Services segment is \u00a3343.0m (2024: \u00a3303.5m) above the carrying value
of the assets. The Infrastructure Services segment impairment review is not sensitive
to changes in assumptions.
In terms of the possible impacts of climate change, the two key assumptions that could
be sensitive to this are the growth rate and discount rates. If climate change has a
negative impact on revenues and/or the operating costs of the Group, there could be
a potential impact on the discounted cash flow growth rates used within the valuation
model. Lower future growth rates would reduce the level of the discounted cash flow
valuation and hence the amount of headroom available to the Group above an
impairment trigger. At present, the material short- to medium-term risks presented
by possible climate change impacts are considered to be factored into the growth
and discount rates where they are known and can be quantified. Using the current
assumptions, no reasonably foreseeable change in the assumptions used within the
value in use calculations would cause an impairment. Therefore, at present, changes
in the long-term assumptions due to the impact of climate change would also not
be expected to trigger an impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-543": { "value": "13 Intangible assets
Intangible
contract Computer
Goodwill rights software Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 July 2023
538.8
235.7
125.7
900.2
Additions
\u2013
\u2013
9.5
9.5
Arising on acquisition
6.8
7.5
\u2013
14.3
Disposals
\u2013
\u2013
(0.1)
(0.1)
At 30 June 2024
545.6
243.2
135.1
923.9
Additions
\u2013
\u2013
5.4
5.4
Disposals
\u2013
\u2013
(5.4)
(5.4)
At 30 June 2025
545.6
243.2
135.1
923.9
Accumulated amortisation
and impairment
At 1 July 2023
(2.1)
(170.9)
(82.2)
(255.2)
Charge for the year
\u2013
(23.2)
(7.4)
(30.6)
Disposals
\u2013
\u2013
0.1
0.1
At 30 June 2024
(2.1)
(194.1)
(89.5)
(285.7)
Charge for the year
\u2013
(21.6)
(13.6)
(35.2)
Disposals
\u2013
\u2013
5.4
5.4
At 30 June 2025
(2.1)
(215.7)
(97.7)
(315.5)
Net book value
At 30 June 2025
543.5
27.5
37.4
608.4
At 30 June 2024
543.5
49.1
45.6
638.2
Goodwill largely relates to the group of cash generating units (CGUs) in the Infrastructure Services segment and has been built up through acquisitions, primarily MRBL Limited (Mouchel Group) (\u00a3299.2m), May Gurney Integrated Services PLC (\u00a3194.7m), McNicholas Construction (Holdings) Limited (\u00a342.8m) and the acquisition arising in the prior year of the rail assets of the Buckingham Group (\u00a36.8m). These balances have been subject to an annual impairment review based upon the projected cash flows of each CGU. The intangible contract rights were recognised on the acquisition of: \u2022 May Gurney Integrated Services plc \u2014 Cost \u00a3106.8m (2024: \u00a3106.8m). Net book value \u00a314.9m (2024: \u00a322.5m). \u2022 MRBL Limited (Mouchel Group) \u2014 Cost \u00a3127.1m (2024: \u00a3127.1m). Net book value \u00a310.4m (2024: \u00a321.9m). \u2022 Rail assets of the Buckingham Group \u2014 Cost \u00a37.5m (2024: \u00a37.5m). Net book value \u00a31.1m (2024: \u00a33.6m). \u2022 Certain business and assets of Babcock Civil Infrastructure Limited \u2014 Cost \u00a31.6m (2024: \u00a31.6m). Net book value \u00a31.1m (2024: \u00a31.1m). Contract rights on May Gurney and Mouchel are amortised on a straight-line basis over the expected total contract duration. All other contract rights are amortised on a straight-line basis over the remaining contract life. Carrying amounts of goodwill and intangible contract rights by CGU For impairment testing purposes, goodwill has been allocated to the Infrastructure Services and Construction segments, being the lowest level at which management monitors goodwill. There is no goodwill attributed to the Property segment. The recoverable amount of the goodwill and intangibles has been determined based on value in use calculations, which use cash flow projections based on the Group\u2019s forecasts approved by management, covering a three-year period. The forecasts are consistent with those used for the Group\u2019s going concern assessment and viability statement. The resulting cash flows are discounted to present value, with the discount rate used in the value in use calculations based on an industry average cost of capital. The cost of equity is calculated using observable market data from the Group\u2019s competitors. This data is used to calculate an average unlevered beta value after excluding any outliers. The average beta is then applied to the UK\u2019s equity risk premium and a risk-free rate added. The cost of debt is calculated by taking the expected renewal costs of the Group\u2019s debt and adjusting for the tax rate. The cost of equity and cost of debt are then combined using our competitors\u2019 average debt/equity split. The post-tax discount rate is then used to calculate the pre-tax discount rates. The pre-tax discount rate, which has been applied to the cash flows for each CGU, is 13.5% (2024: 12.4%). A terminal growth rate of 1.8% (2024: 1.7%) has been applied into perpetuity.
2025
2024
Intangible Intangible
contract contract
Goodwill rights Total Goodwill rights Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Infrastructure Services
523.1
26.4
549.5
523.1
48.0
571.1
Construction
20.4
1.1
21.5
20.4
1.1
21.5
543.5
27.5
571.0
543.5
49.1
592.6
Goodwill allocated to the Construction segment is not significant in comparison to the Group\u2019s total goodwill and is not sensitive to changes in assumptions. Infrastructure Services Forecast revenue growth rates and operating profit margins are based on historical experience, adjusted for the impact of expected changes to contract portfolio and profitability. Based on the value in use calculation, a recoverable amount for the Infrastructure Services segment is \u00a3343.0m (2024: \u00a3303.5m) above the carrying value of the assets. The Infrastructure Services segment impairment review is not sensitive to changes in assumptions. In terms of the possible impacts of climate change, the two key assumptions that could be sensitive to this are the growth rate and discount rates. If climate change has a negative impact on revenues and/or the operating costs of the Group, there could be a potential impact on the discounted cash flow growth rates used within the valuation model. Lower future growth rates would reduce the level of the discounted cash flow valuation and hence the amount of headroom available to the Group above an impairment trigger. At present, the material short- to medium-term risks presented by possible climate change impacts are considered to be factored into the growth and discount rates where they are known and can be quantified. Using the current assumptions, no reasonably foreseeable change in the assumptions used within the value in use calculations would cause an impairment. Therefore, at present, changes in the long-term assumptions due to the impact of climate change would also not be expected to trigger an impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-521": { "value": "13 Intangible assets
Intangible
contract Computer
Goodwill rights software Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 July 2023
538.8
235.7
125.7
900.2
Additions
\u2013
\u2013
9.5
9.5
Arising on acquisition
6.8
7.5
\u2013
14.3
Disposals
\u2013
\u2013
(0.1)
(0.1)
At 30 June 2024
545.6
243.2
135.1
923.9
Additions
\u2013
\u2013
5.4
5.4
Disposals
\u2013
\u2013
(5.4)
(5.4)
At 30 June 2025
545.6
243.2
135.1
923.9
Accumulated amortisation
and impairment
At 1 July 2023
(2.1)
(170.9)
(82.2)
(255.2)
Charge for the year
\u2013
(23.2)
(7.4)
(30.6)
Disposals
\u2013
\u2013
0.1
0.1
At 30 June 2024
(2.1)
(194.1)
(89.5)
(285.7)
Charge for the year
\u2013
(21.6)
(13.6)
(35.2)
Disposals
\u2013
\u2013
5.4
5.4
At 30 June 2025
(2.1)
(215.7)
(97.7)
(315.5)
Net book value
At 30 June 2025
543.5
27.5
37.4
608.4
At 30 June 2024
543.5
49.1
45.6
638.2
Goodwill largely relates to the group of cash generating units (CGUs) in the Infrastructure Services segment and has been built up through acquisitions, primarily MRBL Limited (Mouchel Group) (\u00a3299.2m), May Gurney Integrated Services PLC (\u00a3194.7m), McNicholas Construction (Holdings) Limited (\u00a342.8m) and the acquisition arising in the prior year of the rail assets of the Buckingham Group (\u00a36.8m). These balances have been subject to an annual impairment review based upon the projected cash flows of each CGU. The intangible contract rights were recognised on the acquisition of: \u2022 May Gurney Integrated Services plc \u2014 Cost \u00a3106.8m (2024: \u00a3106.8m). Net book value \u00a314.9m (2024: \u00a322.5m). \u2022 MRBL Limited (Mouchel Group) \u2014 Cost \u00a3127.1m (2024: \u00a3127.1m). Net book value \u00a310.4m (2024: \u00a321.9m). \u2022 Rail assets of the Buckingham Group \u2014 Cost \u00a37.5m (2024: \u00a37.5m). Net book value \u00a31.1m (2024: \u00a33.6m). \u2022 Certain business and assets of Babcock Civil Infrastructure Limited \u2014 Cost \u00a31.6m (2024: \u00a31.6m). Net book value \u00a31.1m (2024: \u00a31.1m). Contract rights on May Gurney and Mouchel are amortised on a straight-line basis over the expected total contract duration. All other contract rights are amortised on a straight-line basis over the remaining contract life. Carrying amounts of goodwill and intangible contract rights by CGU For impairment testing purposes, goodwill has been allocated to the Infrastructure Services and Construction segments, being the lowest level at which management monitors goodwill. There is no goodwill attributed to the Property segment. The recoverable amount of the goodwill and intangibles has been determined based on value in use calculations, which use cash flow projections based on the Group\u2019s forecasts approved by management, covering a three-year period. The forecasts are consistent with those used for the Group\u2019s going concern assessment and viability statement. The resulting cash flows are discounted to present value, with the discount rate used in the value in use calculations based on an industry average cost of capital. The cost of equity is calculated using observable market data from the Group\u2019s competitors. This data is used to calculate an average unlevered beta value after excluding any outliers. The average beta is then applied to the UK\u2019s equity risk premium and a risk-free rate added. The cost of debt is calculated by taking the expected renewal costs of the Group\u2019s debt and adjusting for the tax rate. The cost of equity and cost of debt are then combined using our competitors\u2019 average debt/equity split. The post-tax discount rate is then used to calculate the pre-tax discount rates. The pre-tax discount rate, which has been applied to the cash flows for each CGU, is 13.5% (2024: 12.4%). A terminal growth rate of 1.8% (2024: 1.7%) has been applied into perpetuity.
2025
2024
Intangible Intangible
contract contract
Goodwill rights Total Goodwill rights Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Infrastructure Services
523.1
26.4
549.5
523.1
48.0
571.1
Construction
20.4
1.1
21.5
20.4
1.1
21.5
543.5
27.5
571.0
543.5
49.1
592.6
Goodwill allocated to the Construction segment is not significant in comparison to the Group\u2019s total goodwill and is not sensitive to changes in assumptions. Infrastructure Services Forecast revenue growth rates and operating profit margins are based on historical experience, adjusted for the impact of expected changes to contract portfolio and profitability. Based on the value in use calculation, a recoverable amount for the Infrastructure Services segment is \u00a3343.0m (2024: \u00a3303.5m) above the carrying value of the assets. The Infrastructure Services segment impairment review is not sensitive to changes in assumptions. In terms of the possible impacts of climate change, the two key assumptions that could be sensitive to this are the growth rate and discount rates. If climate change has a negative impact on revenues and/or the operating costs of the Group, there could be a potential impact on the discounted cash flow growth rates used within the valuation model. Lower future growth rates would reduce the level of the discounted cash flow valuation and hence the amount of headroom available to the Group above an impairment trigger. At present, the material short- to medium-term risks presented by possible climate change impacts are considered to be factored into the growth and discount rates where they are known and can be quantified. Using the current assumptions, no reasonably foreseeable change in the assumptions used within the value in use calculations would cause an impairment. Therefore, at present, changes in the long-term assumptions due to the impact of climate change would also not be expected to trigger an impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-486": { "value": "
14 Property, plant and equipment
Land and Plant and
buildings equipment Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 July 2023
23.9
44.6
68.5
Additions
0.1
7.0
7.1
Disposals
(0.5)
(12.2)
(12.7)
At 30 June 2024
23.5
39.4
62.9
Additions
4.1
7.0
11.1
Disposals
(3.0)
(1.1)
(4.1)
Transfers
(4.3)
\u2013
(4.3)
At 30 June 2025
20.3
45.3
65.6
Accumulated depreciation and impairment
At 1 July 2023
(7.4)
(31.3)
(38.7)
Charge for the year
(1.7)
(6.6)
(8.3)
Disposals
0.1
11.7
11.8
At 30 June 2024
(9.0)
(26.2)
(35.2)
Charge for the year
(0.7)
(4.9)
(5.6)
Disposals
1.2
1.0
2.2
Transfers
1.0
\u2013
1.0
At 30 June 2025
(7.5)
(30.1)
(37.6)
Net book value
At 30 June 2025
12.8
15.2
28.0
At 30 June 2024
14.5
13.2
27.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-522": { "value": "14 Property, plant and equipment
Land and Plant and
buildings equipment Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 July 2023
23.9
44.6
68.5
Additions
0.1
7.0
7.1
Disposals
(0.5)
(12.2)
(12.7)
At 30 June 2024
23.5
39.4
62.9
Additions
4.1
7.0
11.1
Disposals
(3.0)
(1.1)
(4.1)
Transfers
(4.3)
\u2013
(4.3)
At 30 June 2025
20.3
45.3
65.6
Accumulated depreciation and impairment
At 1 July 2023
(7.4)
(31.3)
(38.7)
Charge for the year
(1.7)
(6.6)
(8.3)
Disposals
0.1
11.7
11.8
At 30 June 2024
(9.0)
(26.2)
(35.2)
Charge for the year
(0.7)
(4.9)
(5.6)
Disposals
1.2
1.0
2.2
Transfers
1.0
\u2013
1.0
At 30 June 2025
(7.5)
(30.1)
(37.6)
Net book value
At 30 June 2025
12.8
15.2
28.0
At 30 June 2024
14.5
13.2
27.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-487": { "value": "
15 Investment properties
(a) Reconciliation of carrying amount
Owned Right-of-use
assets assets Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 July 2023
52.9
45.5
98.4
Fair value gain/(loss)
8.2
(1.7)
6.5
At 30 June 2024
61.1
43.8
104.9
Transfers
3.6
(15.5)
(11.9)
Fair value gain/(loss)
8.3
(0.7)
7.6
At 30 June 2025
73.0
27.6
100.6
Investment properties comprise office buildings and commercial land/properties that were
formerly utilised by the Group but have been vacated, along with a student accommodation
property held by the Group. They are leased out (or intended to be leased out) to third parties
under operating leases and/or are held for capital appreciation. The investment properties
include properties held as right-of-use assets, as well as a property owned by the Group.
The investment properties are carried at fair value. Changes in fair values are presented
in the profit or loss within other income.
(b) Amounts recognised in the income statement
2025 2024
\u00a3m \u00a3m
Rental income from operating leases
5.7
6.0
Direct operating expenses for property that generated
rental income
(2.5)
(3.9)
Fair value gain
7.6
6.5
Total net income recognised in the income statement
10.8
8.6
(c) Leasing arrangements
The investment properties are leased to tenants under operating leases with rentals
payable either monthly or quarterly. Lease payments for some contracts include
provisions for RPI increases. One contract entitles the Group to an element of variable
lease rentals (in addition to the base rent payments) based on a share of the tenant\u2019s
revenue in carrying out their business of providing serviced offices and hot desking
space at the premises. Some of the leases include a tenant option to renew the lease
for a further period. Expectations about the future residual values are reflected in the
fair value of the properties.
Minimum lease payments receivable on leases of investment properties are as follows:
2025 2024
\u00a3m \u00a3m
Less than one year
2.7
2.3
One to two years
1.8
2.1
Two to three years
1.6
1.3
Three to four years
0.5
1.1
Four to five years
0.5
\u2013
Over five years
3.0
\u2013
Total
10.1
6.8
(d) Measurement of fair values
The fair value of the owned investment properties was determined as at 30 June 2024 by external, independent property valuers, having appropriate recognised professional
qualifications and recent experience in the location and category of the property being valued. This has been updated for 30 June 2025 by management estimates supported
by third party evidence. The fair values of the right-of-use investment properties have been determined by the Group without the use of an independent valuer. The fair value
measurements for all of the investment properties have been categorised as Level 3 fair values (as defined in note 27), based on the inputs to the valuation techniques used.
Investment property
Valuation technique
Significant unobservable inputs
Inter-relationship between key unobservable inputs and fair value measurement
Owned assets
Market approach: The fair values
External valuations are performed every two years. The The estimated fair value would increase/(decrease) if:
have been determined by last valuations were carried out as at 30 June 2024. The
\u2022
expected market rental growth was higher/(lower);
adopting an investment approach following inputs have been used in assessing the valuations:
and assuming continued use as Offices
\u2022
the occupancy rate was higher/(lower);
offices/student accommodation/
\u2022
rent per
sq ft
of \u00a375 (2024: \u00a357);
and
\u2022
rent per sq ft was higher/(lower);
future use as a wind farm.
\u2022
expected market yields of 8.5% (2024: 9%).
\u2022
rent-free periods were shorter/(longer);
Student accommodation
\u2022
expected market yields were lower/(higher); or
\u2022
expected electricity price was higher/(lower).
\u2022
expected market rental growth of 3% (2024: 11%);
\u2022
occupancy rate average of 98% (2024: 98%); and
\u2022
expected market yields of 5.25% (2024: 5.5%).
Wind farm
\u2022
expected electricity price of \u00a362 per MWh (2024: \u00a362
per MWh); and
\u2022
expected market yields of 8% (2024: 7%).
In years where no valuation is performed, the fair value is
reviewed taking into consideration any changes in
market conditions and any offers received on the
property and adjustments made accordingly.
Right-of-use Income approach using
\u2022
expected market rental growth of 1% to 2%
The estimated fair value would increase/(decrease) if:
assets discounted cash flows: The (2024: 1% to 2%);
\u2022
expected market rental growth was higher/(lower);
valuation model considers the
\u2022
occupancy rate average of 99%
present value of net cash flows (2024: average of 92% to 99%);
\u2022
the occupancy rate was higher/(lower);
to be generated from the
\u2022
rent-free/void periods of six to nine months at the end
\u2022
rent-free/void periods were shorter/(longer); or
property, taking into account the of each tenancy (2024: six to nine months); and
\u2022
the risk-adjusted discount rate was lower/(higher).
expected rental growth rate, void
periods, occupancy rate, lease
\u2022
risk-adjusted discount rate of 4.2% (2024: 4.2%).
incentive costs such as rent-free
periods and other costs not paid
by tenants. The expected net
cash flows are discounted using
risk-adjusted discount rates.
27 Financial instruments
2025
2024
Financial Financial Financial Financial
assets at liabilities at assets at liabilities at
amortised amortised amortised amortised
cost cost Derivatives cost cost Derivatives
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Trade and
other receivables
1
194.7
\u2013
\u2013
231.5
\u2013
\u2013
Cash and
cash equivalents
1,689.4
\u2013
\u2013
1,563.1
\u2013
\u2013
Equity loans provided
to joint ventures
144.5
\u2013
\u2013
89.4
\u2013
\u2013
Other financial assets
\u2013
\u2013
\u2013
\u2013
\u2013
7.1
Total
2,028.6
\u2013
\u2013
1,884.0
\u2013
7.1
Financial liabilities
Bank overdrafts
\u2013
(1,221.4)
\u2013
\u2013
(1,101.4)
\u2013
Borrowings
\u2013
(263.9)
\u2013
\u2013
(300.8)
\u2013
Lease liabilities
\u2013
(151.1)
\u2013
\u2013
(173.1)
\u2013
Trade and
other payables
2
\u2013
(955.9)
\u2013
\u2013
(984.9)
\u2013
Total
\u2013
(2,592.3)
\u2013
\u2013
(2,560.2)
\u2013
Net
2,028.6
(2,592.3)
\u2013
1,884.0
(2,560.2)
7.1
1. Trade and other receivables exclude prepayments and capitalised mobilisation costs.
2. Trade and other payables exclude other taxes and social security and deferred income.
Capital risk management
The Group\u2019s capital management objectives are to ensure the Group\u2019s ability to continue
as a going concern and to optimise the capital structure in order to minimise the cost
of capital whilst maintaining a strong balance sheet to support business development
and tender qualification. The Group\u2019s capital management strategy is to use a blend
of capital types with different risk, return and maturity profiles to support the operating
divisions and deliver the Group\u2019s capital management objectives.
The capital structure of the Group comprises: equity, consisting of share capital,
share premium, retained earnings and other reserves as disclosed in the consolidated
statement of changes in equity; and cash, cash equivalents and borrowings as disclosed
in note 21 and described further below. The Group forecasts and monitors short-, medium-
and longer-term capital needs on a regular basis and adjusts its capital structure as
required through the payment of dividends to shareholders, the issue of new share
capital and the increase or repayment of borrowings. All investment decisions typically
require a pre-tax annualised return of at least 15.0% to ensure such investments are
value enhancing for shareholders.
Financial risk management
Financial risk management is an integral part of the way the Group is managed.
In the course of its business, the Group is exposed primarily to credit risk, market risk
and liquidity risk. The overall aim of the Group\u2019s financial risk management policies is
to minimise any potential adverse effects on financial performance and net assets.
The Group\u2019s Treasury team manages the principal financial risks within policies and
operating limits approved by the Board. The treasury function is not a profit centre and
does not enter into speculative transactions. Derivative financial instruments are used
to hedge exposure to fluctuations in interest and exchange rates.
Where all relevant criteria are met, hedge accounting is applied to remove the accounting
mismatch between the hedging instrument and the hedged item. This will effectively
result in recognising interest expense at a fixed interest rate for the hedged floating
rate borrowings and elimination of exchange rate movements in the income statement
relating to the hedged foreign currency denominated borrowings.
Credit risk
Credit risk arises on financial instruments such as trade receivables, short-term bank
deposits and interest rate and currency hedges. Policies and procedures exist to ensure
that customers have an appropriate credit history. The Group\u2019s most significant clients
are public or regulated industry entities which generally have high credit ratings or are
of a high credit quality due to the nature of the client.
Short-term bank deposits and hedging transactions are executed only with strong
credit-rated authorised counterparties based on ratings issued by the major ratings
agencies. Counterparty exposure positions are monitored regularly so that credit
exposures to any one counterparty are within acceptable limits. At the balance sheet
date there were no significant concentrations of credit risk.
Trade and other receivables and contract assets included in the balance sheet are
stated net of expected credit loss (ECL) provisions which have been calculated using
a provision matrix grouping trade receivables and contract assets on the basis of their
shared credit risk characteristics.
An analysis of the provision held against trade receivables is set out below:
2025 2024
\u00a3m \u00a3m
Provision as at 1 July
0.5
1.6
Credited to the income statement
(0.8)
(0.9)
Charged to the income statement
1.4
1.2
Utilised in the year
(0.6)
(1.4)
Provision as at 30 June
0.5
0.5
There were \u00a315.3m (2024: \u00a317.2m) of trade receivables that were overdue at the balance
sheet date that have not been provided against, of which \u00a39.4m (2024: \u00a311.2m) had been
received by the end of August 2025. There are no indications as at 30 June 2025 that the
debtors will not meet their payment obligations in respect of the amount of trade
receivables recognised in the balance sheet that are overdue and unprovided. The
proportion of trade receivables at 30 June 2025 that were overdue for payment was 30%
(2024: 24%). Credit terms vary across the Group; the average age of trade receivables
was as follows:
Infrastructure Services 7 days (2024: 3 days)
Construction 4 days (2024: 12 days)
Property 11 days (2024: 66 days)
Overall, the Group considers that it is not exposed to significant credit risk.
Equity loans to joint ventures of \u00a3144.5m (2024: \u00a389.4m) are considered under the
general ECL model and have been compared to future cash flows and net assets
of the joint venture to ensure that they are still expected to be fully recoverable.
Market risk
Interest rate risk
The Group has borrowing facilities to finance short-term working capital and term loans
to finance medium-term capital requirements. Instruments are subject to fixed and
floating, based on a margin over SONIA, interest. The Group\u2019s borrowings, allowing for
the effect of derivatives, can be analysed as follows:
2025 2024
\u00a3m \u00a3m
Fixed rate
250.0
293.7
Variable rate
20.1
15.1
Cost of raising finance
(6.2)
(8.0)
263.9
300.8
One of the Group\u2019s joint ventures has entered into interest rate swaps in order
to mitigate its interest rate risk.
Foreign currency risk
The Group operates primarily within the UK such that its exposure through its trading
operations to currency risk is not considered to be significant. Where material foreign
currency exposures are identified, these are hedged using forward foreign exchange
contracts or swaps.
Changes in foreign exchange rates affect the carrying amount of the liability relating
to foreign currency denominated debt on the Group\u2019s balance sheet. The utilisation of
derivatives ensures that the movement recognised in the profit and loss is offset by
movements on the derivative which are recycled from other comprehensive income.
As at 30 June 2025, the Group had no debt denominated in US dollars at fixed currency
rates using derivatives (2024: \u00a325.2m).
As at 30 June 2025, the Group had no unhedged debt outstanding (2024: US$0.8m).
Liquidity risk
The Group\u2019s policy on liquidity risk is to ensure that sufficient borrowing facilities are
available to fund operations over the medium term. The Group\u2019s principal committed
borrowing facilities, being: a high-yield bond and a floating rate revolving credit facility,
are unsecured. The amount of committed borrowing facilities available to the Group is
reviewed regularly and is designed to exceed forecast peak gross debt levels.
Details of guarantees provided by the Group to support the borrowing facilities of its
joint ventures are given in note 16(c). The Group provides no other financial guarantees
other than those provided to its joint ventures.
Derivative financial instruments
One of the Group\u2019s property joint ventures has entered into an interest rate derivative as
a means of hedging interest rate risk. The interest-bearing debt and associated interest
rate derivative with this joint venture expires in May 2026 and is without recourse to the
Group. At 30 June 2025, the aggregate amount outstanding on this interest-bearing
debt against which an interest rate derivative is held is \u00a334.3m (2024: \u00a321.7m). The Group\u2019s
share of the total net fair value asset of this interest rate derivative at 30 June 2025
amounted to \u00a30.2m (2024: \u00a30.1m), which has met the criteria for hedge accounting.
Financial liabilities \u2013 analysis of maturity dates
At 30 June 2025, the Group had the following financial liabilities at amortised cost
together with the maturity profile of their contractual cash flows:
Trade and
other Bank Lease
payables
1
overdrafts Borrowings liabilities Total
30 June 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Carrying value
955.9
1,221.4
263.9
151.1
2,592.3
Contractual undiscounted
cash flows
Less than one year
936.9
1,221.4
24.3
48.0
2,230.6
One to two years
12.0
\u2013
24.3
28.7
65.0
Two to three years
6.6
\u2013
44.6
16.8
68.0
Three to four years
0.6
\u2013
272.5
12.7
285.8
Four to five years
0.1
\u2013
\u2013
9.3
9.4
Over five years
0.1
\u2013
\u2013
71.5
71.6
956.3
1,221.4
365.7
187.0
2,730.4
Trade and
other Bank Lease
payables
1
overdrafts Borrowings liabilities Total
30 June 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Carrying value
984.9
1,101.4
300.8
173.1
2,560.2
Contractual undiscounted
cash flows
Less than one year
956.6
1,101.4
76.4
50.1
2,184.5
One to two years
23.2
\u2013
22.5
30.4
76.1
Two to three years
3.2
\u2013
22.5
20.6
46.3
Three to four years
2.3
\u2013
22.5
14.2
39.0
Four to five years
\u2013
\u2013
272.5
12.0
284.5
Over five years
\u2013
\u2013
\u2013
88.9
88.9
985.3
1,101.4
416.4
216.2
2,719.3
1. Trade and other payables exclude other taxes and social security and deferred income.
There is no material difference between the carrying value and fair value of the Group\u2019s
financial assets and liabilities.
Borrowings and borrowing facilities
As at 30 June 2025, the Group had the following unsecured committed facilities
after the effect of derivatives:
\u2022 high-yield bond of \u00a3250.0m, at fixed rate of 9.0%, maturing in February 2029,
fully drawn at 30 June 2025 (2024: \u00a3250.0m);
\u2022 revolving credit facility of \u00a3150.0m, at a margin over SONIA, due for renewal on
31 March 2027, which was undrawn at 30 June 2025 (2024: \u00a3260.9m, undrawn); and
\u2022 non-recourse project finance of \u00a320.1m (2024: \u00a315.1m) for property development
activity within the Property business.
In addition, the Group has access to uncommitted short-term borrowing facilities, such
as overdrafts, which were undrawn at year-end (2024: undrawn).
Included within borrowings are capitalised loan fees of \u00a36.2m (2024: \u00a38.0m).
The Group repaid and reduced total available facilities by \u00a3148.2m (2024: \u00a321.2m)
in the year ended 30 June 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-523": { "value": "15 Investment properties (a) Reconciliation of carrying amount
Owned Right-of-use
assets assets Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 July 2023
52.9
45.5
98.4
Fair value gain/(loss)
8.2
(1.7)
6.5
At 30 June 2024
61.1
43.8
104.9
Transfers
3.6
(15.5)
(11.9)
Fair value gain/(loss)
8.3
(0.7)
7.6
At 30 June 2025
73.0
27.6
100.6
Investment properties comprise office buildings and commercial land/properties that were formerly utilised by the Group but have been vacated, along with a student accommodation property held by the Group. They are leased out (or intended to be leased out) to third parties under operating leases and/or are held for capital appreciation. The investment properties include properties held as right-of-use assets, as well as a property owned by the Group. The investment properties are carried at fair value. Changes in fair values are presented in the profit or loss within other income. (b) Amounts recognised in the income statement
2025 2024
\u00a3m \u00a3m
Rental income from operating leases
5.7
6.0
Direct operating expenses for property that generated
rental income
(2.5)
(3.9)
Fair value gain
7.6
6.5
Total net income recognised in the income statement
10.8
8.6
(c) Leasing arrangements The investment properties are leased to tenants under operating leases with rentals payable either monthly or quarterly. Lease payments for some contracts include provisions for RPI increases. One contract entitles the Group to an element of variable lease rentals (in addition to the base rent payments) based on a share of the tenant\u2019s revenue in carrying out their business of providing serviced offices and hot desking space at the premises. Some of the leases include a tenant option to renew the lease for a further period. Expectations about the future residual values are reflected in the fair value of the properties. Minimum lease payments receivable on leases of investment properties are as follows:
2025 2024
\u00a3m \u00a3m
Less than one year
2.7
2.3
One to two years
1.8
2.1
Two to three years
1.6
1.3
Three to four years
0.5
1.1
Four to five years
0.5
\u2013
Over five years
3.0
\u2013
Total
10.1
6.8
(d) Measurement of fair values The fair value of the owned investment properties was determined as at 30 June 2024 by external, independent property valuers, having appropriate recognised professional qualifications and recent experience in the location and category of the property being valued. This has been updated for 30 June 2025 by management estimates supported by third party evidence. The fair values of the right-of-use investment properties have been determined by the Group without the use of an independent valuer. The fair value measurements for all of the investment properties have been categorised as Level 3 fair values (as defined in note 27), based on the inputs to the valuation techniques used.
Investment property
Valuation technique
Significant unobservable inputs
Inter-relationship between key unobservable inputs and fair value measurement
Owned assets
Market approach: The fair values
External valuations are performed every two years. The The estimated fair value would increase/(decrease) if:
have been determined by last valuations were carried out as at 30 June 2024. The
\u2022
expected market rental growth was higher/(lower);
adopting an investment approach following inputs have been used in assessing the valuations:
and assuming continued use as Offices
\u2022
the occupancy rate was higher/(lower);
offices/student accommodation/
\u2022
rent per
sq ft
of \u00a375 (2024: \u00a357);
and
\u2022
rent per sq ft was higher/(lower);
future use as a wind farm.
\u2022
expected market yields of 8.5% (2024: 9%).
\u2022
rent-free periods were shorter/(longer);
Student accommodation
\u2022
expected market yields were lower/(higher); or
\u2022
expected electricity price was higher/(lower).
\u2022
expected market rental growth of 3% (2024: 11%);
\u2022
occupancy rate average of 98% (2024: 98%); and
\u2022
expected market yields of 5.25% (2024: 5.5%).
Wind farm
\u2022
expected electricity price of \u00a362 per MWh (2024: \u00a362
per MWh); and
\u2022
expected market yields of 8% (2024: 7%).
In years where no valuation is performed, the fair value is
reviewed taking into consideration any changes in
market conditions and any offers received on the
property and adjustments made accordingly.
Right-of-use Income approach using
\u2022
expected market rental growth of 1% to 2%
The estimated fair value would increase/(decrease) if:
assets discounted cash flows: The (2024: 1% to 2%);
\u2022
expected market rental growth was higher/(lower);
valuation model considers the
\u2022
occupancy rate average of 99%
present value of net cash flows (2024: average of 92% to 99%);
\u2022
the occupancy rate was higher/(lower);
to be generated from the
\u2022
rent-free/void periods of six to nine months at the end
\u2022
rent-free/void periods were shorter/(longer); or
property, taking into account the of each tenancy (2024: six to nine months); and
\u2022
the risk-adjusted discount rate was lower/(higher).
expected rental growth rate, void
periods, occupancy rate, lease
\u2022
risk-adjusted discount rate of 4.2% (2024: 4.2%).
incentive costs such as rent-free
periods and other costs not paid
by tenants. The expected net
cash flows are discounted using
risk-adjusted discount rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-544": { "value": "(c) Leasing arrangements The investment properties are leased to tenants under operating leases with rentals payable either monthly or quarterly. Lease payments for some contracts include provisions for RPI increases. One contract entitles the Group to an element of variable lease rentals (in addition to the base rent payments) based on a share of the tenant\u2019s revenue in carrying out their business of providing serviced offices and hot desking space at the premises. Some of the leases include a tenant option to renew the lease for a further period. Expectations about the future residual values are reflected in the fair value of the properties. Minimum lease payments receivable on leases of investment properties are as follows:
2025 2024
\u00a3m \u00a3m
Less than one year
2.7
2.3
One to two years
1.8
2.1
Two to three years
1.6
1.3
Three to four years
0.5
1.1
Four to five years
0.5
\u2013
Over five years
3.0
\u2013
Total
10.1
6.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-545": { "value": "(d) Measurement of fair values The fair value of the owned investment properties was determined as at 30 June 2024 by external, independent property valuers, having appropriate recognised professional qualifications and recent experience in the location and category of the property being valued. This has been updated for 30 June 2025 by management estimates supported by third party evidence. The fair values of the right-of-use investment properties have been determined by the Group without the use of an independent valuer. The fair value measurements for all of the investment properties have been categorised as Level 3 fair values (as defined in note 27), based on the inputs to the valuation techniques used. Borrowings and borrowing facilities As at 30 June 2025, the Group had the following unsecured committed facilities after the effect of derivatives: \u2022 high-yield bond of \u00a3250.0m, at fixed rate of 9.0%, maturing in February 2029, fully drawn at 30 June 2025 (2024: \u00a3250.0m); \u2022 revolving credit facility of \u00a3150.0m, at a margin over SONIA, due for renewal on 31 March 2027, which was undrawn at 30 June 2025 (2024: \u00a3260.9m, undrawn); and \u2022 non-recourse project finance of \u00a320.1m (2024: \u00a315.1m) for property development activity within the Property business. In addition, the Group has access to uncommitted short-term borrowing facilities, such as overdrafts, which were undrawn at year-end (2024: undrawn). Included within borrowings are capitalised loan fees of \u00a36.2m (2024: \u00a38.0m). The Group repaid and reduced total available facilities by \u00a3148.2m (2024: \u00a321.2m) in the year ended 30 June 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-524": { "value": "
16 Investments in and loans to joint ventures
(a) Movements in year
2025 2024
\u00a3m \u00a3m
Investments in joint ventures
At 1 July
91.7
78.6
Additions
76.4
23.8
Disposals
(7.0)
\u2013
Loan repayments and return of equity
(9.9)
(5.6)
Share of:
\u2013 Operating loss
(0.4)
(0.7)
\u2013 Finance costs
(0.9)
(0.5)
\u2013 Tax (expense)/income
(0.2)
2.8
Post-tax results of joint ventures
(1.5)
1.6
Dividends received
(3.9)
(6.7)
At 30 June
145.8
91.7
(b) Interests in joint ventures
Set out below are the joint ventures of the Group as at 30 June 2025 which, in the
opinion of the Directors, are material to the Group. See note 30 for the full list of joint
ventures. All of the entities are private entities and therefore do not have a quoted
fair value. The country of incorporation or registration is also their principal place
of business. All are measured under the equity method.
% of ownership % of ownership Carrying Carrying
interest/ interest/ amount amount
voting rights voting rights 2025 2024
Name of entity 2025 2024 \u00a3m \u00a3m
Kier Cornwall Street
90%/50%
90%/50%
32.9
32.1
Solum Regeneration
50%/50%
50%/50%
25.0
25.0
Southwark
90%/50%
\u2013
23.3
\u2013
Immaterial joint ventures
64.6
34.6
145.8
91.7
All material joint ventures are incorporated in England and Wales and are in the Group\u2019s Property division. (c) Borrowing facilities and guarantees to joint ventures The Group has provided guarantees to support borrowing facilities of joint ventures as follows:
2025
2024
Borrowing Drawn Borrowing Drawn
facility Guarantees at 30 June facility Guarantees at 30 June
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Kier Trade City
35.4
9.0
17.1
12.0
2.7
9.0
Other than as disclosed above the liabilities of the joint ventures are without recourse to the Group. Details of the Group\u2019s interests in joint ventures are given in note 30. (d) Summarised financial information for joint ventures The tables below provide summarised financial information for those joint ventures that are material to the Group. The information disclosed reflects the amounts presented in the financial statements of the relevant joint ventures and not the Group\u2019s share of those amounts. They have been amended to reflect adjustments made by the entity when using the equity method, including fair value adjustments and modifications for differences in accounting policy.
Kier Cornwall Street
Solum Regeneration
Southwark
2025 2024 2025 2024 2025 2024
Summarised balance sheet \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
\u2013
\u2013
\u2013
\u2013
4.9
\u2013
Current assets
Cash and cash equivalents
0.2
0.2
0.4
1.0
0.3
\u2013
Other current assets
68.2
56.1
53.9
53.1
45.9
\u2013
Total current assets
68.4
56.3
54.3
54.1
46.2
\u2013
Current liabilities
Other current liabilities
(0.5)
(2.0)
(4.3)
(4.0)
(15.9)
\u2013
Total current liabilities
(0.5)
(2.0)
(4.3)
(4.0)
(15.9)
\u2013
Non-current liabilities
Financial liabilities (excluding trade payables)
(34.3)
(21.7)
\u2013
\u2013
(6.7)
\u2013
Total non-current liabilities
(34.3)
(21.7)
\u2013
\u2013
(6.7)
\u2013
Net assets
33.6
32.6
50.0
50.1
28.5
\u2013
Group\u2019s share (%)
90%
90%
50%
50%
90%
\u2013
Group\u2019s share
30.2
29.4
25.0
25.0
25.7
\u2013
Capital introduced on behalf of joint venture partner
2.7
2.7
\u2013
\u2013
\u2013
\u2013
Elimination of unrealised profit on downstream transactions
\u2013
\u2013
\u2013
\u2013
(2.4)
\u2013
Investment in joint venture
32.9
32.1
25.0
25.0
23.3
\u2013
Kier Cornwall Street
Solum Regeneration
Southwark
2025 2024 2025 2024 2025 2024
Summarised income statement \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
Finance costs
(0.9)
(0.5)
\u2013
\u2013
\u2013
\u2013
Taxation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Profit/(loss) for the year from continuing operations
0.9
1.4
(1.8)
(2.1)
\u2013
\u2013
Profit/(loss) for the year
0.9
1.4
(1.8)
(2.1)
\u2013
\u2013
Total comprehensive income/(expense)
0.9
1.4
(1.8)
(2.1)
\u2013
\u2013
(e) Individually immaterial joint ventures In addition to the interests in joint ventures disclosed above, the Group also has interests in a number of individually immaterial joint ventures that are accounted for using the equity method.
2025 2024
\u00a3m \u00a3m
Aggregate carrying amount of individually immaterial joint ventures
64.6
34.6
Dividends received from individually immaterial joint ventures
3.9
6.7
Aggregate amounts of the Group\u2019s share of:
(Loss)/profit from continuing operations
(1.4)
1.4
Total comprehensive (expense)/income
(1.4)
1.4
Joint ventures
Registered Interest
Company name
office
1
held
Property
3 Sovereign Square Holdings 1 LLP
1
50%
3 Sovereign Square Holdings 2 LLP
1
50%
3 Sovereign Square LLP
1
50%
Kent LEP 1 Limited
1
80%
Kier (Southampton) Development Limited
1
75%
Kier (Southampton) Investment Limited
1
75%
Kier (Southampton) Operations Limited
1
75%
Kier Bishops Stortford Holdings Limited
(formerly Kier Richmond Holdings Limited)
1
90%
Kier Bishops Stortford Limited (formerly Kier Richmond Limited)
1
90%
Kier Bracknell Holdco Ltd
1
90%
Kier Bracknell Ltd
1
90%
Kier Cornwall Street Holdings 1 LLP
1
90%
Kier Cornwall Street Holdings 2 LLP
1
90%
Kier Cornwall Street LLP
1
90%
Kier Countryside Great Haddon East LLP
13
50%
Kier Countryside Holdings 1 LLP
13
50%
Kier Countryside Holdings 2 LLP
13
50%
Kier Countryside Laindon Road LLP
13
50%
Kier Countryside Saffron Walden LLP
(formerly Saffron Walden LLP)
13
50%
Kier Countryside South Wokingham LLP
13
50%
Kier Countryside Watford LLP
13
50%
Kier Foley Street Holdco 1 LLP
1
90%
Kier Foley Street Holdco 2 LLP
1
90%
Kier Foley Street LLP
1
90%
Kier HGP Devco 2 LLP
1
50%
Kier HGP Holdings 2 Limited
1
50%
Kier HGP Holdings LLP
1
50%
Kier HGP Tunbridge Wells LLP
1
50%
Kier Maidenhead Holdings 1 LLP
1
90%
Kier Maidenhead Holdings 2 LLP
1
90%
Registered Interest
Company name
office
1
held
Kier Maidenhead LLP
1
90%
Kier Logistics (Bognor) Ltd (formerly Kier PGIM Logistics
(Bognor) Ltd)
1
90%
Kier Logistics (Milton Keynes) Ltd (formerly Kier PGIM
Logistics (Milton Keynes) Ltd)
1
90%
Kier Logistics (St. Albans) Ltd (formerly Kier PGIM Logistics
(St. Albans) Ltd)
1
90%
Kier Reading Holdco 1 LLP
1
90%
Kier Reading Holdco 2 LLP
1
90%
Kier Reading LLP
1
90%
Kier Realis Logistics Propco 1 LLP
1
50%
Kier Southwark Holdco Ltd
1
90%
Kier Sydenham GP Holdco Limited
1
50%
Kier Sydenham GP Limited
1
50%
Kier Sydenham LP
1
50%
Kier Sydenham Nominee Limited
1
50%
Kier Trade City Holdco 1 LLP
1
90%
Kier Trade City Holdco 2 LLP
1
90%
Kier Trade City LLP
1
90%
Kier Warth Limited
1
50%
Lysander Student Properties Investments Limited
1
75%
Lysander Student Properties Limited
1
75%
Lysander Student Properties Operations Limited
1
75%
MVDC Kier Holdco 1 LLP
1
50%
MVDC Kier Holdco 2 LLP
1
50%
Penda Limited (dissolved 8 July 2025)
1
50%
Saltbox Business Park (Management) Limited
1
59.11%
Solum Regeneration (Bishops) LLP
1
50%
Solum Regeneration (Epsom) Limited Partnership
1
50%
Solum Regeneration (Guildford) LLP
1
50%
Solum Regeneration (Haywards) LLP
1
50%
Solum Regeneration (Kingswood) LLP
1
50%
Registered Interest
Company name
office
1
held
Solum Regeneration (Maidstone) LLP
1
50%
Solum Regeneration (Redhill) LLP
1
50%
Solum Regeneration (Surbiton) LLP
1
50%
Solum Regeneration (Twickenham) LLP
1
50%
Solum Regeneration (Walthamstow) LLP
1
50%
Solum Regeneration Epsom (GP Subsidiary) Limited
1
50%
Solum Regeneration Epsom (GP) Limited
1
50%
Solum Regeneration Epsom (Residential) LLP
1
50%
Solum Regeneration Holding 1 LLP
1
50%
Solum Regeneration Holding 2 LLP
1
50%
Tri-Link 140 Holdings 1 LLP
1
50%
Tri-Link 140 Holdings 2 LLP
1
50%
Tri-Link 140 LLP
1
50%
Watford Health Campus Limited
1
50%
Watford Health Campus Partnership LLP
1
50%
Watford Riverwell (Central Zone) LLP
1
50%
Watford Riverwell (Family Housing) LLP
1
50%
Watford Riverwell Management Company Limited
1
50%
Watford Health Campus Neighbourhood Square LLP
(formerly Watford Woodlands LLP)
1
50%
Winsford Devco LLP
1
50%
Winsford Holdings 1 LLP
1
50%
Winsford Holdings 2 LLP
1
50%
Construction
Kier Graham Defence Limited
1
50%
Services
2020
Knowsley Limited (dissolved 8 July 2025)
12
80.1%
Hackney Schools for the Future Limited
1
80%
Hackney Schools for the Future 2 Limited
1
8%
Team Van Oord Limited
14
25%
1. See list of registered office details and explanatory notes on page 182.
Joint operation name
Description
Trading address
Crossrail Contracts a joint arrangement between Kier Infrastructure and Overseas Limited, BAM Nuttall BAM Ferrovial Kier JV C435, The London School of Beauty,
300/410/435 Limited and Ferrovial Agroman (UK) Limited 18\u201319 Long Lane, London, EC1A 9LP
Deephams
a joint arrangement between Kier Infrastructure and Overseas Limited, J Murphy &
Deephams Sewage Treatment Wales, Pickett\u2019s Lock Lane,
Sons Limited, and Aecom Limited Edmonton, N9 0BA
Devonport
a joint arrangement between Kier Infrastructure and Overseas Limited and
St. James House, Knoll Road, Camberley, Surrey, GU15 3XW
BAM Nuttall Limited
EKFB
a joint arrangement between Kier Infrastructure and Overseas Limited, Eiffage G\u00e9nie
5th Floor, Exchange House, Midsummer Boulevard,
Civil, Ferrovial Agroman (UK) Limited and BAM Nuttall Limited Milton Keynes, MK9 2EA
Hercules
a joint arrangement between Kier Construction Limited and Balfour Beatty
Hercules Site Offices, The Wessex Building, MOD Lyneham,
Calne Road, Lyneham, Chippenham, SN15 4PZ
Hinkley Framework
a joint arrangement between Kier Infrastructure and Overseas Limited and
J23 P&R HPC Postal Consolidation Centre, Huntsworth Business
BAM Nuttall Limited Centre, North Petherton, Somerset, TA6 6TS
Kier BAM JV
a joint arrangement between Kier Integrated Services Limited and BAM Civil Limited
2nd Floor, Optimum House, Clippers Quay, Salford, M50 3XP
(company number 17543, registered office Kill, County Kildaire)
KCD
a joint arrangement between Kier Integrated Services Limited and
Thames Water Offices, Clear Water Court, Vastern Rd,
Clancy Docwra Limited Reading, RG1 8DB
Luton People Mover
a joint arrangement between Kier Infrastructure and Overseas Limited and
Hertford Road, Hoddesdon, EN11 9BX
VolkerFitzpatrick Limited
Mersey Gateway
a joint arrangement between Kier Infrastructure and Overseas Limited, Samsung C&T
Forward Point, Tan House Lane, Widnes, WA8 0SL
ECUK Limited and FCC Construccion S.A.
RAF Lakenheath
a joint arrangement between Kier Construction Limited and VolkerFitzpatrick Limited
Hertford Road, Hoddesdon, EN11 9BX
Tarmac Kier JV
a joint arrangement between Kier Transportation Limited and Tarmac Trading Limited
2nd Floor, Optimum House, Clippers Quay Salford, M50 3XP
Kier Graham a joint arrangement between Kier Construction Limited and John Graham Campsie House, Buchanan Business Park, Cumbernauld Road,
Defence (Clyde) Construction Limited Stepps, Glasgow, G33 6HZ
Kier McAvoy
a joint arrangement between Kier Construction Limited and McAvoy
Ferguson Road, Knockmore Hill Industrial Estate, Lisburn, BT28 2FW
Saadiyat Rotana Hotel a joint arrangement between Kier Construction LLC and Ali and P.O. Box 2153, Abu Dhabi
and Resort Complex Sons Contracting Co LLC
Kier ACC
a joint arrangement between Kier Dubai LLC and Arabian Construction Co.SAL
P.O. Box 24461, Dubai
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-488": { "value": "16 Investments in and loans to joint ventures (a) Movements in year
2025 2024
\u00a3m \u00a3m
Investments in joint ventures
At 1 July
91.7
78.6
Additions
76.4
23.8
Disposals
(7.0)
\u2013
Loan repayments and return of equity
(9.9)
(5.6)
Share of:
\u2013 Operating loss
(0.4)
(0.7)
\u2013 Finance costs
(0.9)
(0.5)
\u2013 Tax (expense)/income
(0.2)
2.8
Post-tax results of joint ventures
(1.5)
1.6
Dividends received
(3.9)
(6.7)
At 30 June
145.8
91.7
(b) Interests in joint ventures Set out below are the joint ventures of the Group as at 30 June 2025 which, in the opinion of the Directors, are material to the Group. See note 30 for the full list of joint ventures. All of the entities are private entities and therefore do not have a quoted fair value. The country of incorporation or registration is also their principal place of business. All are measured under the equity method.
% of ownership % of ownership Carrying Carrying
interest/ interest/ amount amount
voting rights voting rights 2025 2024
Name of entity 2025 2024 \u00a3m \u00a3m
Kier Cornwall Street
90%/50%
90%/50%
32.9
32.1
Solum Regeneration
50%/50%
50%/50%
25.0
25.0
Southwark
90%/50%
\u2013
23.3
\u2013
Immaterial joint ventures
64.6
34.6
145.8
91.7
All material joint ventures are incorporated in England and Wales and are in the Group\u2019s
Property division.
(c) Borrowing facilities and guarantees to joint ventures
The Group has provided guarantees to support borrowing facilities of joint ventures
as follows:
2025
2024
Borrowing Drawn Borrowing Drawn
facility Guarantees at 30 June facility Guarantees at 30 June
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Kier Trade City
35.4
9.0
17.1
12.0
2.7
9.0
Other than as disclosed above the liabilities of the joint ventures are without recourse
to the Group. Details of the Group\u2019s interests in joint ventures are given in note 30.
(d) Summarised financial information for joint ventures
The tables below provide summarised financial information for those joint ventures that are material to the Group. The information disclosed reflects the amounts presented in the
financial statements of the relevant joint ventures and not the Group\u2019s share of those amounts. They have been amended to reflect adjustments made by the entity when using
the equity method, including fair value adjustments and modifications for differences in accounting policy.
Kier Cornwall Street
Solum Regeneration
Southwark
2025 2024 2025 2024 2025 2024
Summarised balance sheet \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
\u2013
\u2013
\u2013
\u2013
4.9
\u2013
Current assets
Cash and cash equivalents
0.2
0.2
0.4
1.0
0.3
\u2013
Other current assets
68.2
56.1
53.9
53.1
45.9
\u2013
Total current assets
68.4
56.3
54.3
54.1
46.2
\u2013
Current liabilities
Other current liabilities
(0.5)
(2.0)
(4.3)
(4.0)
(15.9)
\u2013
Total current liabilities
(0.5)
(2.0)
(4.3)
(4.0)
(15.9)
\u2013
Non-current liabilities
Financial liabilities (excluding trade payables)
(34.3)
(21.7)
\u2013
\u2013
(6.7)
\u2013
Total non-current liabilities
(34.3)
(21.7)
\u2013
\u2013
(6.7)
\u2013
Net assets
33.6
32.6
50.0
50.1
28.5
\u2013
Group\u2019s share (%)
90%
90%
50%
50%
90%
\u2013
Group\u2019s share
30.2
29.4
25.0
25.0
25.7
\u2013
Capital introduced on behalf of joint venture partner
2.7
2.7
\u2013
\u2013
\u2013
\u2013
Elimination of unrealised profit on downstream transactions
\u2013
\u2013
\u2013
\u2013
(2.4)
\u2013
Investment in joint venture
32.9
32.1
25.0
25.0
23.3
\u2013
Kier Cornwall Street
Solum Regeneration
Southwark
2025 2024 2025 2024 2025 2024
Summarised income statement \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
Finance costs
(0.9)
(0.5)
\u2013
\u2013
\u2013
\u2013
Taxation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Profit/(loss) for the year from continuing operations
0.9
1.4
(1.8)
(2.1)
\u2013
\u2013
Profit/(loss) for the year
0.9
1.4
(1.8)
(2.1)
\u2013
\u2013
Total comprehensive income/(expense)
0.9
1.4
(1.8)
(2.1)
\u2013
\u2013
(e) Individually immaterial joint ventures
In addition to the interests in joint ventures disclosed above, the Group also has interests
in a number of individually immaterial joint ventures that are accounted for using the
equity method.
2025 2024
\u00a3m \u00a3m
Aggregate carrying amount of individually immaterial joint ventures
64.6
34.6
Dividends received from individually immaterial joint ventures
3.9
6.7
Aggregate amounts of the Group\u2019s share of:
(Loss)/profit from continuing operations
(1.4)
1.4
Total comprehensive (expense)/income
(1.4)
1.4
30 Subsidiaries and other undertakings
A full list of subsidiaries, branches, associated undertakings, and joint arrangements as
at 30 June 2025 is detailed below. Unless stated otherwise, all undertakings are wholly
owned and held indirectly by Kier Group plc.
Subsidiaries
Registered Share % held
Company name
office
1
class(es) held by Group
2020
Liverpool Limited (dissolved 8 July 2025)
12
Ordinary
100%
A C Chesters & Son Limited
1
Ordinary
100%
Arena Central Developments LLP
1
\u2013
100%
Arena Central Management Limited
1
A Ordinary
100%
Caribbean Construction Company Limited
2
Ordinary
100%
Caxton Integrated Services Holdings Limited
(in liquidation)
12
Ordinary
100%
Clearbox Limited (formerly Wallis Limited)
1
Ordinary
100%
Dragon Lane Holdings 1 LLP
1
\u2013
100%
Dragon Lane Holdings 2 LLP
1
\u2013
100%
Dragon Lane LLP
1
\u2013
100%
Dudley Coles Limited
1
Ordinary
100%
FDT (Holdings) Ltd
1
Ordinary
100%
FDT Associates Ltd
1
Ordinary A
100%
Heart of Wales Property Services Limited
(in liquidation)
12
Ordinary
50%
J L Kier & Company (London) Limited
1
Ordinary
100%
J L Kier & Company Limited
1
Ordinary
100%
Kier (Catterick) Limited
1
A Ordinary
100%
B Ordinary
100%
Kier (Kent) PSP Limited
1
A Ordinary
100%
B Ordinary
100%
Kier (Malaysia) SDN. BHD. (in liquidation)
3
Ordinary
100%
Kier (Newcastle) Investment Ltd
1
Ordinary
100%
Kier (Newcastle) Operation Limited
1
Ordinary
100%
Kier (NR) Limited
1
Ordinary
100%
Kier Asset Partnership Services Limited
1
Ordinary
100%
Kier Benefits Limited
1
Ordinary
100%
25%
3
Registered Share % held
Company name
office
1
class(es) held by Group
Kier Build Limited
1
Ordinary
100%
Kier Business Services Limited
1
Ordinary
100%
Kier Caribbean and Industrial Limited
(dissolved 1 July 2025)
1
Ordinary
100%
Kier CB Limited
1
Ordinary
100%
Kier Commercial Investments Limited
1
Ordinary
100%
Kier Commercial UKSC Limited
1
Ordinary
100%
Kier Construction Limited
1
Ordinary
100%
Kier Construction Limited
4
Ordinary
100%
Kier Construction LLC
9
5
Ordinary
49%
Kier Construction SA
6
Ordinary
100%
Kier Developments Limited
1
A Ordinary
100%
B Ordinary
100%
C Ordinary
100%
Kier Dubai LLC
9
7
Ordinary
49%
Kier Education Investments Limited
1
B Ordinary
100%
M Ordinary
100%
Kier Education Services Limited
1
B Ordinary
100%
M Ordinary
100%
Kier Energy Solutions Limited
(dissolved 1 July 2025)
1
Ordinary
100%
Kier Ewan Limited
1
Ordinary
100%
Kier Facilities Services Limited
1
Ordinary
100%
Kier Finance & Treasury Holdings Limited
1
Ordinary
100%
Kier Finance Limited
1
Ordinary
100%
Kier Fleet Services Limited
1
Ordinary
100%
Kier Green Investments Limited
1
Ordinary
100%
Kier Group Trustees Limited
2
1
Ordinary
100%
Kier Harlow Limited (in liquidation)
12
Ordinary
100%
Kier Holdco 2 Limited (dissolved 1 July 2025)
1
Ordinary
100%
Kier Holdings Limited
1
Ordinary
100%
Irredeemable
preference
100%
Kier Infrastructure and Overseas Limited
1
Ordinary
100%
Registered Share % held
Company name
office
1
class(es) held by Group
Kier Infrastructure and Overseas Limited \u2013
Hong Kong Branch (in liquidation)
Kier Infrastructure and Overseas Limited \u2013
Jamaica Branch
Kier Infrastructure and Overseas Limited \u2013
Trinidad Branch
Kier Infrastructure Pty Ltd
8
Ordinary
100%
Kier Insurance Management Services Limited
(dissolved 1 July 2025)
1
Ordinary
100%
Kier Integrated Services (Estates) Limited
1
Ordinary
100%
Kier Integrated Services (Holdings) Limited
1
Ordinary
100%
Deferred
100%
Kier Integrated Services (Trustees) Limited
1
Ordinary
100%
Kier Integrated Services Group Limited
1
Ordinary
100%
Kier Integrated Services Limited
1
Ordinary
100%
Kier International (Investments) Limited
1
Ordinary
100%
Kier International Limited
1
Ordinary
100%
Kier International Limited \u2013 Jamaica Branch
Kier International Limited
9
Ordinary
100%
Kier Limited
2
1
Ordinary
100%
Kier Logistics (Knowsley) Ltd (formerly Kier PGIM
Logistics (Knowsley) Ltd)
1
Ordinary
100%
Kier Logistics Holdco Ltd
(formerly Kier PGIM Logistics Holdco Ltd)
1
Ordinary
100%
Kier Management Consulting Limited
1
Ordinary
100%
A Ordinary
100%
B Ordinary
100%
Kier MBS Limited
1
Ordinary
100%
Kier Midlands Limited
1
Ordinary
100%
Kier Minerals Limited
1
Ordinary
100%
Kier Mining Investments Limited (dissolved 1 July 2025)
1
Ordinary
100%
Kier National Limited
1
Ordinary
100%
Kier North Tyneside Limited
5
1
B Ordinary
100%
80%\u00b3 Registered Share % held Company name office1class(es) held by Group Kier Overseas (Nine) Limited 1 Ordinary 100% Kier Overseas (Seventeen) Limited 1 Ordinary 100% Kier Overseas (Twenty-Three) Limited 1 Ordinary 100% Kier Parkman Ewan Associates Limited 1 Ordinary A 100% Kier PGIM Logistics (Bracknell) Ltd (in liquidation) 1 Ordinary 100% Kier PGIM Logistics Propco 5 Ltd (in liquidation) 1 Ordinary 100% Kier PGIM Logistics Propco 7 Ltd (in liquidation) 1 Ordinary 100% Kier PGIM Logistics Propco 8 Ltd (in liquidation) 1 Ordinary 100% Kier Plant Limited 1 Ordinary 100% Kier Professional Services Limited 1 Ordinary 100% Kier Project Investment Limited 1 Ordinary 100% Kier Property Developments Limited 1 Ordinary 100% Kier Property Limited 1 Ordinary 100% Kier Property Management Company Limited 1 Ordinary 100% Kier Rail Limited 1 Ordinary 100% Kier Recycling CIC 1 Ordinary 100% Kier Services Limited 1 Ordinary 100% Kier Sharston Limited 1 Ordinary 100% Kier Sheffield LLP (in liquidation) 12 \u2013 80.1% Kier South East Limited (dissolved 1 July 2025) 1 Ordinary 100% Kier South Wokingham LLP 1 \u2013 100% Kier Southern Limited (in liquidation) 1 Ordinary 100% Kier Stoke Limited 1 Ordinary 100% Kier Sydenham Limited 1 Ordinary 100% Kier Traffic Support Limited (dissolved 1 July 2025) 1 Ordinary 100% Kier Transportal Limited (formerly Clearbox Limited) 1 Ordinary 100% Kier Transportation Limited 1 Ordinary 100% Kier UKSC LLP 1 \u2013 100% Kier Ventures Limited 1 Ordinary 100% Kier Ventures UKSC Limited 1 Ordinary 100% Kier York Street LLP 1 \u2013 100% Magnetic Limited 1 Ordinary 100%
Registered Share % held
Company name
office
1
class(es) held by Group
McNicholas Construction (Holdings) Limited
1
Ordinary
100%
McNicholas Construction Services Limited
1
Ordinary
100%
MRBL Limited
1
Ordinary A
100%
Ordinary B
100%
Deferred B
100%
Parkman Consultants Limited (dissolved 1 July 2025)
1
Ordinary
100%
Pure Recycling Warwick Limited
1
Ordinary A
100%
Ordinary B
100%
T Cartledge Limited (dissolved 1 July 2025)
1
Ordinary
100%
T H Construction Limited
1
Ordinary
100%
T J Brent Limited
1
Ordinary
100%
Ordinary B
100%
Ordinary C
100%
Tempsford Insurance Company Limited
2
10
Ordinary
100%
The Impact Partnership (Rochdale Borough) Limited
(in liquidation)
12
Ordinary
80.1%
Tor2 Limited (in liquidation)
12
PSP Shares
100%
80.01%\u00b3
TradeDirect Logistics Limited
1
Ordinary
100%
Turriff Contractors Limited
11
Ordinary
100%
Turriff Group Limited
11
Ordinary
100%
Ordinary A
100%
Ordinary B
100%
W. & C. French (Construction) Limited
1
Ordinary
100%
Wallis Western Limited (in liquidation)
12
Ordinary
100%
William Moss Construction Limited (in liquidation)
12
Ordinary
100%
William Moss Group Limited (The)
1
Ordinary
100%
1. See list of registered office details and explanatory notes on page 182.
Listed below are subsidiaries controlled and consolidated by the Group, which under
section 479A of the Companies Act 2006 (the \u2018Act\u2019) are exempt from the requirements
of the Act relating to the audit of accounts.
Company
registration
Company name
number
Year-end
A C Chesters & Son Limited
02628570
30 June 2025
Arena Central Developments LLP
OC305452
30 June 2025
Dragon Lane Holdings 1 LLP
OC398919
30 June 2025
Dragon Lane Holdings 2 LLP
OC398920
30 June 2025
Dragon Lane LLP
OC398924
30 June 2025
FDT (Holdings) Ltd
04535855
30 June 2025
FDT Associates Ltd
03282705
30 June 2025
Kier (Catterick) Limited
07372563
30 June 2025
Kier (Newcastle) Investment Ltd
09978111
30 June 2025
Kier (Newcastle) Operation Limited
10609470
30 June 2025
Kier (NR) Limited
06648175
30 June 2025
Kier Asset Partnership Services Limited
06928701
30 June 2025
Kier Build Limited
01551959
30 June 2025
Kier Business Services Limited
03679828
30 June 2025
Kier Commercial Investments Limited
04002798
30 June 2025
Kier Developments Limited
04407754
30 June 2025
Kier Education Investments Limited
06458919
30 June 2025
Kier Education Services Limited
05457729
30 June 2025
Kier Ewan Limited
04182542
30 June 2025
Kier Finance & Treasury Holdings Limited
05887555
30 June 2025
Kier Finance Limited
05887689
30 June 2025
Kier Fleet Services Limited
02127113
30 June 2025
Kier Green Investments Limited
08922437
30 June 2025
Kier Holdings Limited
05887559
30 June 2025
Kier Integrated Services (Estates) Limited
00216679
30 June 2025
Kier Integrated Services (Holdings) Limited
04321657
30 June 2025
Kier Integrated Services (Trustees) Limited
03510967
30 June 2025
Kier Integrated Services Group Limited
02372311
30 June 2025
Company
registration
Company name
number
Year-end
Kier International (Investments) Limited
01463191
30 June 2025
Kier International Limited
00810557
30 June 2025
Kier Management Consulting Limited
02491619
30 June 2025
Kier MBS Limited
11632543
30 June 2025
Kier Minerals Limited
02099531
30 June 2025
Kier National Limited
02100338
30 June 2025
Kier Overseas (Nine) Limited
01531039
30 June 2025
Kier Overseas (Seventeen) Limited
01462100
30 June 2025
Kier Overseas (Twenty-Three) Limited
02127112
30 June 2025
Kier Parkman Ewan Associates Limited
03033421
30 June 2025
Kier Plant Limited
04233359
30 June 2025
Kier Professional Services Limited
08881783
30 June 2025
Kier Property Limited
04459403
30 June 2025
Kier Property Management Company Limited
06207623
30 June 2025
Kier Recycling CIC
03153490
30 June 2025
Kier South Wokingham LLP
OC451168
30 June 2025
Kier Stoke Limited
06391459
30 June 2025
Kier Sydenham Limited
08486944
30 June 2025
Kier Transportal Limited (formerly Clearbox Limited)
08658406
30 June 2025
Magnetic Limited
07775665
30 June 2025
McNicholas Construction Services Limited
01510892
30 June 2025
MRBL Limited
08177998
30 June 2025
Pure Recycling Warwick Limited
06436462
30 June 2025
T H Construction Limited
01532971
30 June 2025
TradeDirect Logistics Limited
11400572
30 June 2025
Joint ventures
Registered Interest
Company name
office
1
held
Property
3 Sovereign Square Holdings 1 LLP
1
50%
3 Sovereign Square Holdings 2 LLP
1
50%
3 Sovereign Square LLP
1
50%
Kent LEP 1 Limited
1
80%
Kier (Southampton) Development Limited
1
75%
Kier (Southampton) Investment Limited
1
75%
Kier (Southampton) Operations Limited
1
75%
Kier Bishops Stortford Holdings Limited
(formerly Kier Richmond Holdings Limited)
1
90%
Kier Bishops Stortford Limited (formerly Kier Richmond Limited)
1
90%
Kier Bracknell Holdco Ltd
1
90%
Kier Bracknell Ltd
1
90%
Kier Cornwall Street Holdings 1 LLP
1
90%
Kier Cornwall Street Holdings 2 LLP
1
90%
Kier Cornwall Street LLP
1
90%
Kier Countryside Great Haddon East LLP
13
50%
Kier Countryside Holdings 1 LLP
13
50%
Kier Countryside Holdings 2 LLP
13
50%
Kier Countryside Laindon Road LLP
13
50%
Kier Countryside Saffron Walden LLP
(formerly Saffron Walden LLP)
13
50%
Kier Countryside South Wokingham LLP
13
50%
Kier Countryside Watford LLP
13
50%
Kier Foley Street Holdco 1 LLP
1
90%
Kier Foley Street Holdco 2 LLP
1
90%
Kier Foley Street LLP
1
90%
Kier HGP Devco 2 LLP
1
50%
Kier HGP Holdings 2 Limited
1
50%
Kier HGP Holdings LLP
1
50%
Kier HGP Tunbridge Wells LLP
1
50%
Kier Maidenhead Holdings 1 LLP
1
90%
Kier Maidenhead Holdings 2 LLP
1
90%
Registered Interest
Company name
office
1
held
Kier Maidenhead LLP
1
90%
Kier Logistics (Bognor) Ltd (formerly Kier PGIM Logistics
(Bognor) Ltd)
1
90%
Kier Logistics (Milton Keynes) Ltd (formerly Kier PGIM
Logistics (Milton Keynes) Ltd)
1
90%
Kier Logistics (St. Albans) Ltd (formerly Kier PGIM Logistics
(St. Albans) Ltd)
1
90%
Kier Reading Holdco 1 LLP
1
90%
Kier Reading Holdco 2 LLP
1
90%
Kier Reading LLP
1
90%
Kier Realis Logistics Propco 1 LLP
1
50%
Kier Southwark Holdco Ltd
1
90%
Kier Sydenham GP Holdco Limited
1
50%
Kier Sydenham GP Limited
1
50%
Kier Sydenham LP
1
50%
Kier Sydenham Nominee Limited
1
50%
Kier Trade City Holdco 1 LLP
1
90%
Kier Trade City Holdco 2 LLP
1
90%
Kier Trade City LLP
1
90%
Kier Warth Limited
1
50%
Lysander Student Properties Investments Limited
1
75%
Lysander Student Properties Limited
1
75%
Lysander Student Properties Operations Limited
1
75%
MVDC Kier Holdco 1 LLP
1
50%
MVDC Kier Holdco 2 LLP
1
50%
Penda Limited (dissolved 8 July 2025)
1
50%
Saltbox Business Park (Management) Limited
1
59.11%
Solum Regeneration (Bishops) LLP
1
50%
Solum Regeneration (Epsom) Limited Partnership
1
50%
Solum Regeneration (Guildford) LLP
1
50%
Solum Regeneration (Haywards) LLP
1
50%
Solum Regeneration (Kingswood) LLP
1
50%
Registered Interest
Company name
office
1
held
Solum Regeneration (Maidstone) LLP
1
50%
Solum Regeneration (Redhill) LLP
1
50%
Solum Regeneration (Surbiton) LLP
1
50%
Solum Regeneration (Twickenham) LLP
1
50%
Solum Regeneration (Walthamstow) LLP
1
50%
Solum Regeneration Epsom (GP Subsidiary) Limited
1
50%
Solum Regeneration Epsom (GP) Limited
1
50%
Solum Regeneration Epsom (Residential) LLP
1
50%
Solum Regeneration Holding 1 LLP
1
50%
Solum Regeneration Holding 2 LLP
1
50%
Tri-Link 140 Holdings 1 LLP
1
50%
Tri-Link 140 Holdings 2 LLP
1
50%
Tri-Link 140 LLP
1
50%
Watford Health Campus Limited
1
50%
Watford Health Campus Partnership LLP
1
50%
Watford Riverwell (Central Zone) LLP
1
50%
Watford Riverwell (Family Housing) LLP
1
50%
Watford Riverwell Management Company Limited
1
50%
Watford Health Campus Neighbourhood Square LLP
(formerly Watford Woodlands LLP)
1
50%
Winsford Devco LLP
1
50%
Winsford Holdings 1 LLP
1
50%
Winsford Holdings 2 LLP
1
50%
Construction
Kier Graham Defence Limited
1
50%
Services
2020
Knowsley Limited (dissolved 8 July 2025)
12
80.1%
Hackney Schools for the Future Limited
1
80%
Hackney Schools for the Future 2 Limited
1
8%
Team Van Oord Limited
14
25%
1. See list of registered office details and explanatory notes on page 182.
Joint operation name
Description
Trading address
Crossrail Contracts a joint arrangement between Kier Infrastructure and Overseas Limited, BAM Nuttall BAM Ferrovial Kier JV C435, The London School of Beauty,
300/410/435 Limited and Ferrovial Agroman (UK) Limited 18\u201319 Long Lane, London, EC1A 9LP
Deephams
a joint arrangement between Kier Infrastructure and Overseas Limited, J Murphy &
Deephams Sewage Treatment Wales, Pickett\u2019s Lock Lane,
Sons Limited, and Aecom Limited Edmonton, N9 0BA
Devonport
a joint arrangement between Kier Infrastructure and Overseas Limited and
St. James House, Knoll Road, Camberley, Surrey, GU15 3XW
BAM Nuttall Limited
EKFB
a joint arrangement between Kier Infrastructure and Overseas Limited, Eiffage G\u00e9nie
5th Floor, Exchange House, Midsummer Boulevard,
Civil, Ferrovial Agroman (UK) Limited and BAM Nuttall Limited Milton Keynes, MK9 2EA
Hercules
a joint arrangement between Kier Construction Limited and Balfour Beatty
Hercules Site Offices, The Wessex Building, MOD Lyneham,
Calne Road, Lyneham, Chippenham, SN15 4PZ
Hinkley Framework
a joint arrangement between Kier Infrastructure and Overseas Limited and
J23 P&R HPC Postal Consolidation Centre, Huntsworth Business
BAM Nuttall Limited Centre, North Petherton, Somerset, TA6 6TS
Kier BAM JV
a joint arrangement between Kier Integrated Services Limited and BAM Civil Limited
2nd Floor, Optimum House, Clippers Quay, Salford, M50 3XP
(company number 17543, registered office Kill, County Kildaire)
KCD
a joint arrangement between Kier Integrated Services Limited and
Thames Water Offices, Clear Water Court, Vastern Rd,
Clancy Docwra Limited Reading, RG1 8DB
Luton People Mover
a joint arrangement between Kier Infrastructure and Overseas Limited and
Hertford Road, Hoddesdon, EN11 9BX
VolkerFitzpatrick Limited
Mersey Gateway
a joint arrangement between Kier Infrastructure and Overseas Limited, Samsung C&T
Forward Point, Tan House Lane, Widnes, WA8 0SL
ECUK Limited and FCC Construccion S.A.
RAF Lakenheath
a joint arrangement between Kier Construction Limited and VolkerFitzpatrick Limited
Hertford Road, Hoddesdon, EN11 9BX
Tarmac Kier JV
a joint arrangement between Kier Transportation Limited and Tarmac Trading Limited
2nd Floor, Optimum House, Clippers Quay Salford, M50 3XP
Kier Graham a joint arrangement between Kier Construction Limited and John Graham Campsie House, Buchanan Business Park, Cumbernauld Road,
Defence (Clyde) Construction Limited Stepps, Glasgow, G33 6HZ
Kier McAvoy
a joint arrangement between Kier Construction Limited and McAvoy
Ferguson Road, Knockmore Hill Industrial Estate, Lisburn, BT28 2FW
Saadiyat Rotana Hotel a joint arrangement between Kier Construction LLC and Ali and P.O. Box 2153, Abu Dhabi
and Resort Complex Sons Contracting Co LLC
Kier ACC
a joint arrangement between Kier Dubai LLC and Arabian Construction Co.SAL
P.O. Box 24461, Dubai
Registered office addresses
Number
Address
1
2nd Floor, Optimum House, Clippers Quay, Salford, M50 3XP, UK
2
Harbour Head, Harbour View, Kingston 17, Jamaica
3
9\u20135 & 7\u20135, Jalan 8/146, Bandar Tasik Selatan, Kuala Lumpur, 57000, Malaysia
4
c/o Grant Thornton, Cnr Bank Street and West Independence Sq Street, Basseterre,
Saint Kitts and Nevis
5
Unit 869, Al Gaith Tower, Hamdan Street, PO Box 61967, Abu Dhabi, United Arab Emirates
6
151
Angle Avenue, Jean Paul II et Impasse Duverger, Turgeau, Port-au-Prince, Haiti
7
905, 9th Floor, Thuraya Tower, Tecom, P.O. Box 24461, Dubai, United Arab Emirates
8
Pinsent Masons, Level 46, 101 Collins Street, Melbourne, VIC 3000, Australia
9
6th Floor, Emperor Commercial Centre, 39 Des Voeux Road Central, Hong Kong
10
PO Box 33, Dorey Court, Admiral Park, St Peter Port, GY1 4AT, Guernsey
11
Campsie House, Buchanan Business Park, Cumbernauld Road, Stepps, Glasgow,
G33 6HZ, UK
12
1 More London Place, London, SE1 2AF, UK
13
Countryside House, The Drive, Brentwood, Essex, CM13 3AT, UK
14
Bankside House, Henfield Road, Small Dole, Henfield, West Sussex, BN5 9XQ, UK
Explanatory notes 1. The share capital of all entities is wholly owned and held indirectly by Kier Group plc unless indicated otherwise. 2. Shares held directly by Kier Group plc. 3. Total interest in entity held by the Group as there are other share class(es) held by a third party. 4. In some jurisdictions in which the Group operates, share classes are not defined and in these instances, for the purposes of disclosure, these holdings have been classified as ordinary shares. 5. The Group has entered into a partnership arrangement with North Tyneside Council whereby the Council has a participating ownership interest and receives a minority share of the profits of Kier North Tyneside Limited. 6. Joint operations are contracted agreements to co-operate on a specific project which is an extension of the Group\u2019s existing business. Joint ventures are ongoing businesses carrying on their own trade. 7. Interests in the above joint ventures are held by subsidiary undertakings. 8. The joint ventures where the Group has an interest in excess of 50% are still considered joint ventures as the Group has joint control. 9. Accounted for as a subsidiary as control is achieved through an agreement between shareholders. 10. Where companies are shown as being in liquidation, in all cases this is either a members\u2019 voluntary liquidation or a strike-off application.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-546": { "value": "16 Investments in and loans to joint ventures (a) Movements in year
2025 2024
\u00a3m \u00a3m
Investments in joint ventures
At 1 July
91.7
78.6
Additions
76.4
23.8
Disposals
(7.0)
\u2013
Loan repayments and return of equity
(9.9)
(5.6)
Share of:
\u2013 Operating loss
(0.4)
(0.7)
\u2013 Finance costs
(0.9)
(0.5)
\u2013 Tax (expense)/income
(0.2)
2.8
Post-tax results of joint ventures
(1.5)
1.6
Dividends received
(3.9)
(6.7)
At 30 June
145.8
91.7
(b) Interests in joint ventures Set out below are the joint ventures of the Group as at 30 June 2025 which, in the opinion of the Directors, are material to the Group. See note 30 for the full list of joint ventures. All of the entities are private entities and therefore do not have a quoted fair value. The country of incorporation or registration is also their principal place of business. All are measured under the equity method.
% of ownership % of ownership Carrying Carrying
interest/ interest/ amount amount
voting rights voting rights 2025 2024
Name of entity 2025 2024 \u00a3m \u00a3m
Kier Cornwall Street
90%/50%
90%/50%
32.9
32.1
Solum Regeneration
50%/50%
50%/50%
25.0
25.0
Southwark
90%/50%
\u2013
23.3
\u2013
Immaterial joint ventures
64.6
34.6
145.8
91.7
All material joint ventures are incorporated in England and Wales and are in the Group\u2019s Property division. (c) Borrowing facilities and guarantees to joint ventures The Group has provided guarantees to support borrowing facilities of joint ventures as follows:
2025
2024
Borrowing Drawn Borrowing Drawn
facility Guarantees at 30 June facility Guarantees at 30 June
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Kier Trade City
35.4
9.0
17.1
12.0
2.7
9.0
Other than as disclosed above the liabilities of the joint ventures are without recourse to the Group. Details of the Group\u2019s interests in joint ventures are given in note 30. (d) Summarised financial information for joint ventures The tables below provide summarised financial information for those joint ventures that are material to the Group. The information disclosed reflects the amounts presented in the financial statements of the relevant joint ventures and not the Group\u2019s share of those amounts. They have been amended to reflect adjustments made by the entity when using the equity method, including fair value adjustments and modifications for differences in accounting policy.
Kier Cornwall Street
Solum Regeneration
Southwark
2025 2024 2025 2024 2025 2024
Summarised balance sheet \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
\u2013
\u2013
\u2013
\u2013
4.9
\u2013
Current assets
Cash and cash equivalents
0.2
0.2
0.4
1.0
0.3
\u2013
Other current assets
68.2
56.1
53.9
53.1
45.9
\u2013
Total current assets
68.4
56.3
54.3
54.1
46.2
\u2013
Current liabilities
Other current liabilities
(0.5)
(2.0)
(4.3)
(4.0)
(15.9)
\u2013
Total current liabilities
(0.5)
(2.0)
(4.3)
(4.0)
(15.9)
\u2013
Non-current liabilities
Financial liabilities (excluding trade payables)
(34.3)
(21.7)
\u2013
\u2013
(6.7)
\u2013
Total non-current liabilities
(34.3)
(21.7)
\u2013
\u2013
(6.7)
\u2013
Net assets
33.6
32.6
50.0
50.1
28.5
\u2013
Group\u2019s share (%)
90%
90%
50%
50%
90%
\u2013
Group\u2019s share
30.2
29.4
25.0
25.0
25.7
\u2013
Capital introduced on behalf of joint venture partner
2.7
2.7
\u2013
\u2013
\u2013
\u2013
Elimination of unrealised profit on downstream transactions
\u2013
\u2013
\u2013
\u2013
(2.4)
\u2013
Investment in joint venture
32.9
32.1
25.0
25.0
23.3
\u2013
Kier Cornwall Street
Solum Regeneration
Southwark
2025 2024 2025 2024 2025 2024
Summarised income statement \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
Finance costs
(0.9)
(0.5)
\u2013
\u2013
\u2013
\u2013
Taxation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Profit/(loss) for the year from continuing operations
0.9
1.4
(1.8)
(2.1)
\u2013
\u2013
Profit/(loss) for the year
0.9
1.4
(1.8)
(2.1)
\u2013
\u2013
Total comprehensive income/(expense)
0.9
1.4
(1.8)
(2.1)
\u2013
\u2013
(e) Individually immaterial joint ventures In addition to the interests in joint ventures disclosed above, the Group also has interests in a number of individually immaterial joint ventures that are accounted for using the equity method.
2025 2024
\u00a3m \u00a3m
Aggregate carrying amount of individually immaterial joint ventures
64.6
34.6
Dividends received from individually immaterial joint ventures
3.9
6.7
Aggregate amounts of the Group\u2019s share of:
(Loss)/profit from continuing operations
(1.4)
1.4
Total comprehensive (expense)/income
(1.4)
1.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-567": { "value": "17 Deferred tax The following are the major deferred tax assets and liabilities recognised by the Group and movements thereon:
Property, Short-term Retirement
Intangible plant and temporary benefit Tax
assets equipment
differences
1
obligations losses Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 July 2023
(15.9)
24.1
40.5
(26.1)
106.2
128.8
Credited/(charged) to income
statement \u2013 continuing
4.8
(8.1)
(0.9)
(1.0)
0.6
(4.6)
Credited directly to
comprehensive income
\u2013
\u2013
0.9
7.1
\u2013
8.0
Credited directly to equity
\u2013
\u2013
0.9
\u2013
\u2013
0.9
At 30 June 2024
(11.1)
16.0
41.4
(20.0)
106.8
133.1
Acquisitions and disposals
\u2013
\u2013
\u2013
\u2013
0.6
0.6
Credited/(charged) to income
statement \u2013 continuing
4.8
(5.7)
(0.3)
(0.7)
(7.2)
(9.1)
Credited directly to
comprehensive income
\u2013
\u2013
\u2013
8.9
\u2013
8.9
Credited directly to equity
\u2013
\u2013
3.2
\u2013
\u2013
3.2
At 30 June 2025
(6.3)
10.3
44.3
(11.8)
100.2
136.7
1. Included in short-term temporary differences are deferred tax assets of \u00a315.0m (2024: \u00a313.1m) in respect of RDEC Step 2 amounts carried forward and \u00a327.4m (2024: \u00a325.5m) in respect of the restricted interest amount caught under the UK Corporate Interest Restrictions (CIR) tax rules. Deferred tax assets and liabilities are attributed to temporary differences relating to the following:
Assets
Liabilities
Total
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and
equipment
10.3
16.0
\u2013
\u2013
10.3
16.0
Intangible assets
\u2013
\u2013
(6.3)
(11.1)
(6.3)
(11.1)
Retirement benefit
obligations
\u2013
\u2013
(11.8)
(20.0)
(11.8)
(20.0)
Other short-term
timing differences
44.3
41.4
\u2013
\u2013
44.3
41.4
Tax losses
100.2
106.8
\u2013
\u2013
100.2
106.8
Total
154.8
164.2
(18.1)
(31.1)
136.7
133.1
Set-off tax
(18.1)
(31.1)
18.1
31.1
\u2013
\u2013
Net deferred
tax assets
136.7
133.1
\u2013
\u2013
136.7
133.1
When considering the recoverability of net deferred tax assets, the taxable profit forecasts are based on the same Board-approved information used to support the going concern and goodwill impairment assessments. More information on these forecasts and the methodology applied are included in notes 1 and 13. The following evidence has been considered when assessing whether these forecasts are achievable and realistic: \u2022 The business traded in line with Board expectations in 2025; \u2022 The Group has completed its restructuring activities and is focusing on the achievement of the long-term sustainable growth plan; and \u2022 The Group\u2019s core businesses are well-placed to benefit from the announced and committed UK Government spending plans to invest in infrastructure and decarbonisation. When considering the length of time over which the losses are expected to be utilised, the Group has taken into account that generally only 50% of profits in each year can be offset by brought forward losses. Based on these forecasts, the Group is expected to utilise its deferred tax asset over a period of approximately seven years (2024: eight years). 18 Contract assets and liabilities (a) Current contract assets
2025 2024
\u00a3m \u00a3m
At 1 July
304.5
358.2
Transferred to receivables
(276.9)
(329.4)
Revenue adjustments recognised in the period for performance
obligations satisfied in previous periods due to changes in the
transaction price arising from changes in estimates of
variable revenue
1.2
(3.3)
Balance remaining in relation to contract assets at the start
of the year
28.8
25.5
Increase related to services provided in the year
288.2
279.0
At 30 June
317.0
304.5
(b) Non-current contract assets
2025 2024
\u00a3m \u00a3m
At 1 July
53.6
43.7
Increase related to services provided in the year
3.4
9.9
At 30 June
57.0
53.6
Non-current contract assets relate to Kier\u2019s share of the funding surpluses receivable at the end of long-term PFI maintenance contracts. (c) Current contract liabilities
2025 2024
\u00a3m \u00a3m
At 1 July
(128.4)
(90.5)
Revenue recognised in the year that was included in contract
liabilities at the beginning of the year
123.5
80.8
Contract liabilities repaid
0.9
2.4
Balance remaining in relation to contract liabilities at the start
of the year
(4.0)
(7.3)
Increase due to cash received or invoices raised in the year
for performance obligations not recognised in revenue
(164.0)
(121.1)
At 30 June
(168.0)
(128.4)
23 Trade and other payables
2025 2024
\u00a3m \u00a3m
Current:
Trade payables
311.0
328.4
Accruals
580.7
580.2
Subcontract retentions
37.1
30.8
Other taxation and social security
168.1
152.1
Other payables and deferred income
8.8
18.3
1,105.7
1,109.8
Non-current:
Trade payables
\u2013
3.9
Subcontract retentions
19.1
24.5
19.1
28.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-564": { "value": "17 Deferred tax The following are the major deferred tax assets and liabilities recognised by the Group and movements thereon:
Property, Short-term Retirement
Intangible plant and temporary benefit Tax
assets equipment
differences
1
obligations losses Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 July 2023
(15.9)
24.1
40.5
(26.1)
106.2
128.8
Credited/(charged) to income
statement \u2013 continuing
4.8
(8.1)
(0.9)
(1.0)
0.6
(4.6)
Credited directly to
comprehensive income
\u2013
\u2013
0.9
7.1
\u2013
8.0
Credited directly to equity
\u2013
\u2013
0.9
\u2013
\u2013
0.9
At 30 June 2024
(11.1)
16.0
41.4
(20.0)
106.8
133.1
Acquisitions and disposals
\u2013
\u2013
\u2013
\u2013
0.6
0.6
Credited/(charged) to income
statement \u2013 continuing
4.8
(5.7)
(0.3)
(0.7)
(7.2)
(9.1)
Credited directly to
comprehensive income
\u2013
\u2013
\u2013
8.9
\u2013
8.9
Credited directly to equity
\u2013
\u2013
3.2
\u2013
\u2013
3.2
At 30 June 2025
(6.3)
10.3
44.3
(11.8)
100.2
136.7
1. Included in short-term temporary differences are deferred tax assets of \u00a315.0m (2024: \u00a313.1m) in respect of RDEC Step 2 amounts carried forward and \u00a327.4m (2024: \u00a325.5m) in respect of the restricted interest amount caught under the UK Corporate Interest Restrictions (CIR) tax rules. Deferred tax assets and liabilities are attributed to temporary differences relating to the following:
Assets
Liabilities
Total
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and
equipment
10.3
16.0
\u2013
\u2013
10.3
16.0
Intangible assets
\u2013
\u2013
(6.3)
(11.1)
(6.3)
(11.1)
Retirement benefit
obligations
\u2013
\u2013
(11.8)
(20.0)
(11.8)
(20.0)
Other short-term
timing differences
44.3
41.4
\u2013
\u2013
44.3
41.4
Tax losses
100.2
106.8
\u2013
\u2013
100.2
106.8
Total
154.8
164.2
(18.1)
(31.1)
136.7
133.1
Set-off tax
(18.1)
(31.1)
18.1
31.1
\u2013
\u2013
Net deferred
tax assets
136.7
133.1
\u2013
\u2013
136.7
133.1
When considering the recoverability of net deferred tax assets, the taxable profit forecasts are based on the same Board-approved information used to support the going concern and goodwill impairment assessments. More information on these forecasts and the methodology applied are included in notes 1 and 13. The following evidence has been considered when assessing whether these forecasts are achievable and realistic: \u2022 The business traded in line with Board expectations in 2025; \u2022 The Group has completed its restructuring activities and is focusing on the achievement of the long-term sustainable growth plan; and \u2022 The Group\u2019s core businesses are well-placed to benefit from the announced and committed UK Government spending plans to invest in infrastructure and decarbonisation. When considering the length of time over which the losses are expected to be utilised, the Group has taken into account that generally only 50% of profits in each year can be offset by brought forward losses. Based on these forecasts, the Group is expected to utilise its deferred tax asset over a period of approximately seven years (2024: eight years). 18 Contract assets and liabilities (a) Current contract assets
2025 2024
\u00a3m \u00a3m
At 1 July
304.5
358.2
Transferred to receivables
(276.9)
(329.4)
Revenue adjustments recognised in the period for performance
obligations satisfied in previous periods due to changes in the
transaction price arising from changes in estimates of
variable revenue
1.2
(3.3)
Balance remaining in relation to contract assets at the start
of the year
28.8
25.5
Increase related to services provided in the year
288.2
279.0
At 30 June
317.0
304.5
(b) Non-current contract assets
2025 2024
\u00a3m \u00a3m
At 1 July
53.6
43.7
Increase related to services provided in the year
3.4
9.9
At 30 June
57.0
53.6
Non-current contract assets relate to Kier\u2019s share of the funding surpluses receivable at the end of long-term PFI maintenance contracts. (c) Current contract liabilities
2025 2024
\u00a3m \u00a3m
At 1 July
(128.4)
(90.5)
Revenue recognised in the year that was included in contract
liabilities at the beginning of the year
123.5
80.8
Contract liabilities repaid
0.9
2.4
Balance remaining in relation to contract liabilities at the start
of the year
(4.0)
(7.3)
Increase due to cash received or invoices raised in the year
for performance obligations not recognised in revenue
(164.0)
(121.1)
At 30 June
(168.0)
(128.4)
19 Trade and other receivables
2025 2024
\u00a3m \u00a3m
Current:
Trade receivables
50.5
70.7
Construction contract retentions
56.6
59.8
Amounts receivable from joint ventures
11.4
5.1
Other receivables
42.8
65.1
Prepayments
34.8
29.4
Accrued income
6.7
7.2
202.8
237.3
Non-current:
Construction contract retentions
24.5
20.6
Capitalised mobilisation costs
3.3
5.0
Other
2.2
2.9
30.0
28.5
Construction contract retentions are amounts withheld by the customer until they are satisfied with the quality of the work undertaken. \u00a33.5m of capitalised mobilisation costs were amortised during the year (2024: \u00a33.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-547": { "value": "17 Deferred tax The following are the major deferred tax assets and liabilities recognised by the Group and movements thereon:
Property, Short-term Retirement
Intangible plant and temporary benefit Tax
assets equipment
differences
1
obligations losses Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 July 2023
(15.9)
24.1
40.5
(26.1)
106.2
128.8
Credited/(charged) to income
statement \u2013 continuing
4.8
(8.1)
(0.9)
(1.0)
0.6
(4.6)
Credited directly to
comprehensive income
\u2013
\u2013
0.9
7.1
\u2013
8.0
Credited directly to equity
\u2013
\u2013
0.9
\u2013
\u2013
0.9
At 30 June 2024
(11.1)
16.0
41.4
(20.0)
106.8
133.1
Acquisitions and disposals
\u2013
\u2013
\u2013
\u2013
0.6
0.6
Credited/(charged) to income
statement \u2013 continuing
4.8
(5.7)
(0.3)
(0.7)
(7.2)
(9.1)
Credited directly to
comprehensive income
\u2013
\u2013
\u2013
8.9
\u2013
8.9
Credited directly to equity
\u2013
\u2013
3.2
\u2013
\u2013
3.2
At 30 June 2025
(6.3)
10.3
44.3
(11.8)
100.2
136.7
1. Included in short-term temporary differences are deferred tax assets of \u00a315.0m (2024: \u00a313.1m) in respect of RDEC Step 2 amounts carried forward and \u00a327.4m (2024: \u00a325.5m) in respect of the restricted interest amount caught under the UK Corporate Interest Restrictions (CIR) tax rules. Deferred tax assets and liabilities are attributed to temporary differences relating to the following:
Assets
Liabilities
Total
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and
equipment
10.3
16.0
\u2013
\u2013
10.3
16.0
Intangible assets
\u2013
\u2013
(6.3)
(11.1)
(6.3)
(11.1)
Retirement benefit
obligations
\u2013
\u2013
(11.8)
(20.0)
(11.8)
(20.0)
Other short-term
timing differences
44.3
41.4
\u2013
\u2013
44.3
41.4
Tax losses
100.2
106.8
\u2013
\u2013
100.2
106.8
Total
154.8
164.2
(18.1)
(31.1)
136.7
133.1
Set-off tax
(18.1)
(31.1)
18.1
31.1
\u2013
\u2013
Net deferred
tax assets
136.7
133.1
\u2013
\u2013
136.7
133.1
When considering the recoverability of net deferred tax assets, the taxable profit forecasts are based on the same Board-approved information used to support the going concern and goodwill impairment assessments. More information on these forecasts and the methodology applied are included in notes 1 and 13. The following evidence has been considered when assessing whether these forecasts are achievable and realistic: \u2022 The business traded in line with Board expectations in 2025; \u2022 The Group has completed its restructuring activities and is focusing on the achievement of the long-term sustainable growth plan; and \u2022 The Group\u2019s core businesses are well-placed to benefit from the announced and committed UK Government spending plans to invest in infrastructure and decarbonisation. When considering the length of time over which the losses are expected to be utilised, the Group has taken into account that generally only 50% of profits in each year can be offset by brought forward losses. Based on these forecasts, the Group is expected to utilise its deferred tax asset over a period of approximately seven years (2024: eight years). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-525": { "value": "17 Deferred tax The following are the major deferred tax assets and liabilities recognised by the Group and movements thereon:
Property, Short-term Retirement
Intangible plant and temporary benefit Tax
assets equipment
differences
1
obligations losses Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 July 2023
(15.9)
24.1
40.5
(26.1)
106.2
128.8
Credited/(charged) to income
statement \u2013 continuing
4.8
(8.1)
(0.9)
(1.0)
0.6
(4.6)
Credited directly to
comprehensive income
\u2013
\u2013
0.9
7.1
\u2013
8.0
Credited directly to equity
\u2013
\u2013
0.9
\u2013
\u2013
0.9
At 30 June 2024
(11.1)
16.0
41.4
(20.0)
106.8
133.1
Acquisitions and disposals
\u2013
\u2013
\u2013
\u2013
0.6
0.6
Credited/(charged) to income
statement \u2013 continuing
4.8
(5.7)
(0.3)
(0.7)
(7.2)
(9.1)
Credited directly to
comprehensive income
\u2013
\u2013
\u2013
8.9
\u2013
8.9
Credited directly to equity
\u2013
\u2013
3.2
\u2013
\u2013
3.2
At 30 June 2025
(6.3)
10.3
44.3
(11.8)
100.2
136.7
1. Included in short-term temporary differences are deferred tax assets of \u00a315.0m (2024: \u00a313.1m) in respect of RDEC Step 2 amounts carried forward and \u00a327.4m (2024: \u00a325.5m) in respect of the restricted interest amount caught under the UK Corporate Interest Restrictions (CIR) tax rules. Deferred tax assets and liabilities are attributed to temporary differences relating to the following:
Assets
Liabilities
Total
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and
equipment
10.3
16.0
\u2013
\u2013
10.3
16.0
Intangible assets
\u2013
\u2013
(6.3)
(11.1)
(6.3)
(11.1)
Retirement benefit
obligations
\u2013
\u2013
(11.8)
(20.0)
(11.8)
(20.0)
Other short-term
timing differences
44.3
41.4
\u2013
\u2013
44.3
41.4
Tax losses
100.2
106.8
\u2013
\u2013
100.2
106.8
Total
154.8
164.2
(18.1)
(31.1)
136.7
133.1
Set-off tax
(18.1)
(31.1)
18.1
31.1
\u2013
\u2013
Net deferred
tax assets
136.7
133.1
\u2013
\u2013
136.7
133.1
When considering the recoverability of net deferred tax assets, the taxable profit forecasts are based on the same Board-approved information used to support the going concern and goodwill impairment assessments. More information on these forecasts and the methodology applied are included in notes 1 and 13. The following evidence has been considered when assessing whether these forecasts are achievable and realistic: \u2022 The business traded in line with Board expectations in 2025; \u2022 The Group has completed its restructuring activities and is focusing on the achievement of the long-term sustainable growth plan; and \u2022 The Group\u2019s core businesses are well-placed to benefit from the announced and committed UK Government spending plans to invest in infrastructure and decarbonisation. When considering the length of time over which the losses are expected to be utilised, the Group has taken into account that generally only 50% of profits in each year can be offset by brought forward losses. Based on these forecasts, the Group is expected to utilise its deferred tax asset over a period of approximately seven years (2024: eight years). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-489": { "value": "
18 Contract assets and liabilities
(a) Current contract assets
2025 2024
\u00a3m \u00a3m
At 1 July
304.5
358.2
Transferred to receivables
(276.9)
(329.4)
Revenue adjustments recognised in the period for performance
obligations satisfied in previous periods due to changes in the
transaction price arising from changes in estimates of
variable revenue
1.2
(3.3)
Balance remaining in relation to contract assets at the start
of the year
28.8
25.5
Increase related to services provided in the year
288.2
279.0
At 30 June
317.0
304.5
(b) Non-current contract assets
2025 2024
\u00a3m \u00a3m
At 1 July
53.6
43.7
Increase related to services provided in the year
3.4
9.9
At 30 June
57.0
53.6
Non-current contract assets relate to Kier\u2019s share of the funding surpluses receivable at
the end of long-term PFI maintenance contracts.
(c) Current contract liabilities
2025 2024
\u00a3m \u00a3m
At 1 July
(128.4)
(90.5)
Revenue recognised in the year that was included in contract
liabilities at the beginning of the year
123.5
80.8
Contract liabilities repaid
0.9
2.4
Balance remaining in relation to contract liabilities at the start
of the year
(4.0)
(7.3)
Increase due to cash received or invoices raised in the year
for performance obligations not recognised in revenue
(164.0)
(121.1)
At 30 June
(168.0)
(128.4)
", "dimensions": { "concept": "kiergroupplc:DisclosureOfContractAssetsAndLiabilities", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-548": { "value": "(a) Current contract assets
2025 2024
\u00a3m \u00a3m
At 1 July
304.5
358.2
Transferred to receivables
(276.9)
(329.4)
Revenue adjustments recognised in the period for performance
obligations satisfied in previous periods due to changes in the
transaction price arising from changes in estimates of
variable revenue
1.2
(3.3)
Balance remaining in relation to contract assets at the start
of the year
28.8
25.5
Increase related to services provided in the year
288.2
279.0
At 30 June
317.0
304.5
19 Trade and other receivables
2025 2024
\u00a3m \u00a3m
Current:
Trade receivables
50.5
70.7
Construction contract retentions
56.6
59.8
Amounts receivable from joint ventures
11.4
5.1
Other receivables
42.8
65.1
Prepayments
34.8
29.4
Accrued income
6.7
7.2
202.8
237.3
Non-current:
Construction contract retentions
24.5
20.6
Capitalised mobilisation costs
3.3
5.0
Other
2.2
2.9
30.0
28.5
Construction contract retentions are amounts withheld by the customer until they are satisfied with the quality of the work undertaken. \u00a33.5m of capitalised mobilisation costs were amortised during the year (2024: \u00a33.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-558": { "value": "(b) Non-current contract assets
2025 2024
\u00a3m \u00a3m
At 1 July
53.6
43.7
Increase related to services provided in the year
3.4
9.9
At 30 June
57.0
53.6
Non-current contract assets relate to Kier\u2019s share of the funding surpluses receivable at the end of long-term PFI maintenance contracts. 19 Trade and other receivables
2025 2024
\u00a3m \u00a3m
Current:
Trade receivables
50.5
70.7
Construction contract retentions
56.6
59.8
Amounts receivable from joint ventures
11.4
5.1
Other receivables
42.8
65.1
Prepayments
34.8
29.4
Accrued income
6.7
7.2
202.8
237.3
Non-current:
Construction contract retentions
24.5
20.6
Capitalised mobilisation costs
3.3
5.0
Other
2.2
2.9
30.0
28.5
Construction contract retentions are amounts withheld by the customer until they are satisfied with the quality of the work undertaken. \u00a33.5m of capitalised mobilisation costs were amortised during the year (2024: \u00a33.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-526": { "value": "(c) Current contract liabilities
2025 2024
\u00a3m \u00a3m
At 1 July
(128.4)
(90.5)
Revenue recognised in the year that was included in contract
liabilities at the beginning of the year
123.5
80.8
Contract liabilities repaid
0.9
2.4
Balance remaining in relation to contract liabilities at the start
of the year
(4.0)
(7.3)
Increase due to cash received or invoices raised in the year
for performance obligations not recognised in revenue
(164.0)
(121.1)
At 30 June
(168.0)
(128.4)
23 Trade and other payables
2025 2024
\u00a3m \u00a3m
Current:
Trade payables
311.0
328.4
Accruals
580.7
580.2
Subcontract retentions
37.1
30.8
Other taxation and social security
168.1
152.1
Other payables and deferred income
8.8
18.3
1,105.7
1,109.8
Non-current:
Trade payables
\u2013
3.9
Subcontract retentions
19.1
24.5
19.1
28.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-490": { "value": "
19 Trade and other receivables
2025 2024
\u00a3m \u00a3m
Current:
Trade receivables
50.5
70.7
Construction contract retentions
56.6
59.8
Amounts receivable from joint ventures
11.4
5.1
Other receivables
42.8
65.1
Prepayments
34.8
29.4
Accrued income
6.7
7.2
202.8
237.3
Non-current:
Construction contract retentions
24.5
20.6
Capitalised mobilisation costs
3.3
5.0
Other
2.2
2.9
30.0
28.5
Construction contract retentions are amounts withheld by the customer until they are
satisfied with the quality of the work undertaken.
\u00a33.5m of capitalised mobilisation costs were amortised during the year (2024: \u00a33.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-527": { "value": "19 Trade and other receivables
2025 2024
\u00a3m \u00a3m
Current:
Trade receivables
50.5
70.7
Construction contract retentions
56.6
59.8
Amounts receivable from joint ventures
11.4
5.1
Other receivables
42.8
65.1
Prepayments
34.8
29.4
Accrued income
6.7
7.2
202.8
237.3
Non-current:
Construction contract retentions
24.5
20.6
Capitalised mobilisation costs
3.3
5.0
Other
2.2
2.9
30.0
28.5
Construction contract retentions are amounts withheld by the customer until they are satisfied with the quality of the work undertaken. \u00a33.5m of capitalised mobilisation costs were amortised during the year (2024: \u00a33.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-491": { "value": "
20 Inventories
2025 2024
\u00a3m \u00a3m
Raw materials and consumables
16.8
12.8
Land and work in progress held for development
48.8
61.2
65.6
74.0
As at 30 June 2025, there were \u00a31.9m of provisions held against inventory relating to land
and work in progress for development (2024: \u00a35.5m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-492": { "value": "
21 Net cash
2025 2024
\u00a3m \u00a3m
Cash and cash equivalents
1,689.4
1,563.1
Bank overdrafts
(1,221.4)
(1,101.4)
Net cash, cash equivalents and bank overdrafts
468.0
461.7
Borrowings due within one year
\u2013
(58.8)
Borrowings due after one year
(263.9)
(242.0)
Impact of cross-currency hedging
\u2013
6.3
Net cash
1
204.1
167.2
1. 'Net cash\u2019 is an alternative performance measure, see page 189.
Average month-end net debt was \u00a349.2m (2024: \u00a3116.1m). Net cash excludes
lease liabilities.
Cash, cash equivalents and bank overdrafts are subject to Group-wide cash pooling
arrangements, where the banks have right of set off to the credit and debit balances.
Cash and cash equivalents include \u00a3111.2m (2024: \u00a390.9m) being the Group\u2019s share
of cash and cash equivalents held by joint operations, which are to be used for
expenditure within joint operations, and \u00a392.2m (2024: \u00a390.7m) of bank balances that
are not part of the Group-wide cash pooling arrangement, which are to be used for
project-specific expenditure. Information on borrowings is detailed in note 27.
(a) Reconciliation of working capital between the consolidated balance sheet
and consolidated cash flow statement
2025
2024
Trade and Trade and
other other
Inventories receivables Inventories
receivables
1
\u00a3m \u00a3m \u00a3m \u00a3m
1 July balance sheet
74.0
265.8
72.9
214.0
30 June balance sheet
65.6
232.8
74.0
265.8
Movement per balance sheet
(8.4)
(33.0)
1.1
51.8
Transfer of RDEC receivable from
corporation tax asset
\u2013
\u2013
\u2013
(27.3)
RDEC income
\u2013
41.0
\u2013
28.3
Net RDEC receipts
\u2013
(29.0)
\u2013
\u2013
Rents receivable on sub-lease
\u2013
\u2013
\u2013
(2.9)
Movements in capitalised
mobilisation costs
\u2013
1.6
\u2013
1.3
Arising on acquisition
\u2013
\u2013
\u2013
(2.6)
Non-cash movements arising from
acquisition and disposal of property
6.4
\u2013
\u2013
\u2013
Other
\u2013
(0.2)
\u2013
\u2013
Movement per cash flow statement
(2.0)
(19.6)
1.1
48.6
2025
2024
Trade and Trade and
other payables Provisions other payables Provisions
\u00a3m \u00a3m \u00a3m \u00a3m
1 July balance sheet
(1,138.2)
(77.2)
(1,111.9)
(63.2)
30 June balance sheet
(1,124.8)
(79.2)
(1,138.2)
(77.2)
Movement per balance sheet
13.4
(2.0)
(26.3)
(14.0)
Tax owed to joint ventures
(2.1)
\u2013
\u2013
\u2013
Deferred payment on acquisition
of joint venture
8.5
\u2013
\u2013
\u2013
Deferred tax on acquisition
of joint venture
0.6
\u2013
\u2013
\u2013
Net RDEC receipts
\u2013
\u2013
(7.8)
\u2013
Bond interest accrued
\u2013
\u2013
8.4
\u2013
Arising on acquisition
\u2013
\u2013
1.6
5.9
Discount unwind
0.1
\u2013
0.4
\u2013
Movement per cash
flow statement
20.5
(2.0)
(23.7)
(8.1)
1. In the comparative information, \u00a328.3m of research and development credit cash flows that were previously
disclosed within operating cash flows before movements in working capital have been re-presented as part
of movements in receivables in cash flow from operating activities.
(b) Reconciliation of movements in net cash
Cash, cash Borrowings Borrowings Impact of
equivalents and due within due after cross-currency
bank overdrafts one year one year hedging Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Net cash/(borrowings)
as at 1 July 2023
376.9
\u2013
(319.1)
6.3
64.1
Cash flows
84.9
\u2013
19.9
\u2013
104.8
Amortisation of
capitalised loan fees
\u2013
\u2013
(1.2)
\u2013
(1.2)
Foreign exchange
movements
(0.1)
\u2013
(0.4)
\u2013
(0.5)
Transfers
\u2013
(58.8)
58.8
\u2013
\u2013
Net cash/(borrowings)
as at 30 June 2024
461.7
(58.8)
(242.0)
6.3
167.2
Cash flows
6.3
44.3
(4.7)
(6.8)
39.1
Amortisation of
capitalised loan fees
\u2013
\u2013
(2.2)
\u2013
(2.2)
Foreign exchange
movements
\u2013
(0.5)
\u2013
0.5
\u2013
Transfers
\u2013
15.0
(15.0)
\u2013
\u2013
Net cash/(borrowings)
as at 30 June 2025
468.0
\u2013
(263.9)
\u2013
204.1
(c) Reconciliation of movements in liabilities arising from financing activities
Hedging
Borrowings derivatives Lease liabilities
\u00a3m \u00a3m \u00a3m
(Liabilities)/assets as at 1 July 2023
(319.1)
10.7
(182.6)
Changes from financing cash flows:
\u2013 Drawdown of borrowings
(247.5)
\u2013
\u2013
\u2013 Repayment of borrowings/principal elements
of lease payments
267.4
\u2013
40.6
Non-cash movements:
\u2013 Net lease additions
\u2013
\u2013
(31.1)
\u2013 Amortisation of capitalised loan fees
(1.2)
\u2013
\u2013
\u2013 Foreign exchange movements
(0.4)
\u2013
\u2013
\u2013 Changes in fair values of derivatives
\u2013
(3.6)
\u2013
(Liabilities)/assets as at 30 June 2024
(300.8)
7.1
(173.1)
Changes from financing cash flows:
\u2013 Drawdown of borrowings
(4.7)
\u2013
\u2013
\u2013 Repayment of borrowings/principal elements
of lease payments
44.3
\u2013
47.5
\u2013 Settlement of derivative financial instruments
\u2013
(7.2)
\u2013
Non-cash movements:
\u2013 Net lease additions
\u2013
\u2013
(25.5)
\u2013 Amortisation of capitalised loan fees
(2.2)
\u2013
\u2013
\u2013 Foreign exchange movements
(0.5)
\u2013
\u2013
\u2013 Changes in fair values of derivatives
\u2013
0.1
\u2013
Liabilities as at 30 June 2025
(263.9)
\u2013
(151.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-528": { "value": "(c) Reconciliation of movements in liabilities arising from financing activities
Hedging
Borrowings derivatives Lease liabilities
\u00a3m \u00a3m \u00a3m
(Liabilities)/assets as at 1 July 2023
(319.1)
10.7
(182.6)
Changes from financing cash flows:
\u2013 Drawdown of borrowings
(247.5)
\u2013
\u2013
\u2013 Repayment of borrowings/principal elements
of lease payments
267.4
\u2013
40.6
Non-cash movements:
\u2013 Net lease additions
\u2013
\u2013
(31.1)
\u2013 Amortisation of capitalised loan fees
(1.2)
\u2013
\u2013
\u2013 Foreign exchange movements
(0.4)
\u2013
\u2013
\u2013 Changes in fair values of derivatives
\u2013
(3.6)
\u2013
(Liabilities)/assets as at 30 June 2024
(300.8)
7.1
(173.1)
Changes from financing cash flows:
\u2013 Drawdown of borrowings
(4.7)
\u2013
\u2013
\u2013 Repayment of borrowings/principal elements
of lease payments
44.3
\u2013
47.5
\u2013 Settlement of derivative financial instruments
\u2013
(7.2)
\u2013
Non-cash movements:
\u2013 Net lease additions
\u2013
\u2013
(25.5)
\u2013 Amortisation of capitalised loan fees
(2.2)
\u2013
\u2013
\u2013 Foreign exchange movements
(0.5)
\u2013
\u2013
\u2013 Changes in fair values of derivatives
\u2013
0.1
\u2013
Liabilities as at 30 June 2025
(263.9)
\u2013
(151.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-493": { "value": "
22 Leases
(a) Group as a lessee
The Group has lease contracts for various properties, and items of plant, machinery,
vehicles and other equipment used in its operations and for administration of the
Group\u2019s business. Leases of properties have remaining durations of up to 40 years.
Leases of plant and machinery and other equipment generally have lease terms of
between one and three years, while motor vehicles generally have lease terms of
between three and six years.
Lease contracts are negotiated on an individual basis and contain a wide range of
different terms and conditions. The lease agreements do not impose any covenants
other than the security interests in the leased assets that are held by the lessor. Leased
assets may not be used as security for borrowing purposes. A number of property leases
contain extension or termination options. In these circumstances, the Group makes a
judgement concerning the period for which it is reasonably certain to lease the property.
The Group\u2019s accounting policies for leases are set out in note 1. The Group has elected
not to recognise right-of-use assets and lease liabilities for short-term leases and leases
of low-value assets. The expense included in the income statements relating to these
leases was \u00a3138.2m (2024: \u00a3115.5m). The assets leased under short-term leases are
predominantly small items of plant and equipment and therefore are also of low value.
The utilisation of these assets varies depending on the nature and levels of the
Group\u2019s activities.
(b) Right-of-use assets
Set out below are the carrying amounts of right-of-use assets recognised in respect
of the Group\u2019s leases and the movements during the year:
Land and Motor Plant and
buildings vehicles equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 July 2023
42.7
19.5
43.2
105.4
Additions
5.0
14.1
27.7
46.8
Depreciation
(7.5)
(8.9)
(22.6)
(39.0)
Disposals
(4.7)
(0.2)
(13.3)
(18.2)
At 30 June 2024
35.5
24.5
35.0
95.0
Additions
3.0
12.6
36.5
52.1
Transferred from investment
properties
9.8
\u2013
\u2013
9.8
Depreciation
(7.3)
(10.6)
(28.2)
(46.1)
Disposals
(2.4)
(0.5)
(11.4)
(14.3)
At 30 June 2025
38.6
26.0
31.9
96.5
(c) Lease liabilities
2025 2024
\u00a3m \u00a3m
Current
40.8
42.2
Non-current
110.3
130.9
151.1
173.1
The maturity profile of the contractual cash flows associated with the lease liabilities is
presented in note 27. The interest expense in respect of lease liabilities is included within
finance costs in the income statement and is disclosed in note 7.
(d) Amounts recognised in the statement of cash flows
2025 2024
\u00a3m \u00a3m
Principal elements of lease payments
1
47.5
40.6
Interest paid
1
9.1
9.5
Payments for short-term leases and leases of low-value assets
2
138.2
115.5
Total cash outflow for leases
194.8
165.6
1. Included within cash flows from financing activities within the statement of cash flows.
2. Included within operating cash flows within the statement of cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-529": { "value": "(b) Right-of-use assets Set out below are the carrying amounts of right-of-use assets recognised in respect of the Group\u2019s leases and the movements during the year:
Land and Motor Plant and
buildings vehicles equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 July 2023
42.7
19.5
43.2
105.4
Additions
5.0
14.1
27.7
46.8
Depreciation
(7.5)
(8.9)
(22.6)
(39.0)
Disposals
(4.7)
(0.2)
(13.3)
(18.2)
At 30 June 2024
35.5
24.5
35.0
95.0
Additions
3.0
12.6
36.5
52.1
Transferred from investment
properties
9.8
\u2013
\u2013
9.8
Depreciation
(7.3)
(10.6)
(28.2)
(46.1)
Disposals
(2.4)
(0.5)
(11.4)
(14.3)
At 30 June 2025
38.6
26.0
31.9
96.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-494": { "value": "
23 Trade and other payables
2025 2024
\u00a3m \u00a3m
Current:
Trade payables
311.0
328.4
Accruals
580.7
580.2
Subcontract retentions
37.1
30.8
Other taxation and social security
168.1
152.1
Other payables and deferred income
8.8
18.3
1,105.7
1,109.8
Non-current:
Trade payables
\u2013
3.9
Subcontract retentions
19.1
24.5
19.1
28.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-559": { "value": "23 Trade and other payables
2025 2024
\u00a3m \u00a3m
Current:
Trade payables
311.0
328.4
Accruals
580.7
580.2
Subcontract retentions
37.1
30.8
Other taxation and social security
168.1
152.1
Other payables and deferred income
8.8
18.3
1,105.7
1,109.8
Non-current:
Trade payables
\u2013
3.9
Subcontract retentions
19.1
24.5
19.1
28.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-549": { "value": "23 Trade and other payables
2025 2024
\u00a3m \u00a3m
Current:
Trade payables
311.0
328.4
Accruals
580.7
580.2
Subcontract retentions
37.1
30.8
Other taxation and social security
168.1
152.1
Other payables and deferred income
8.8
18.3
1,105.7
1,109.8
Non-current:
Trade payables
\u2013
3.9
Subcontract retentions
19.1
24.5
19.1
28.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-495": { "value": "
24 Provisions
Warranty,
rectification
and other
Onerous contractual
Self-insurance contracts obligations Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 July 2023
27.4
9.1
25.3
1.4
63.2
(Credited)/charged to
income statement
(0.1)
0.7
34.9
0.3
35.8
Arising on acquisition
\u2013
\u2013
5.9
\u2013
5.9
Utilised
(4.8)
(7.1)
(21.1)
(0.4)
(33.4)
Unwinding of discount
\u2013
0.2
\u2013
\u2013
0.2
Transfer from creditors
0.2
\u2013
5.3
\u2013
5.5
At 30 June 2024
22.7
2.9
50.3
1.3
77.2
Charged to income
statement
1.8
8.1
25.2
\u2013
35.1
Utilised
(3.5)
(7.0)
(21.7)
(0.5)
(32.7)
Unwinding of discount
\u2013
0.2
\u2013
\u2013
0.2
Transfer from creditors
\u2013
\u2013
(0.6)
\u2013
(0.6)
At 30 June 2025
21.0
4.2
53.2
0.8
79.2
Expected utilisation
Within one year
4.4
2.3
45.6
0.8
53.1
After one year
16.6
1.9
7.6
\u2013
26.1
At 30 June 2025
21.0
4.2
53.2
0.8
79.2
Within one year
4.0
0.3
49.7
1.3
55.3
After one year
18.7
2.6
0.6
\u2013
21.9
At 30 June 2024
22.7
2.9
50.3
1.3
77.2
Self-insurance provisions are held in the Group\u2019s insurance captive in respect of legal
and other disputes in various Group companies. Due to the nature of the provision, the
timing of any potential outflows can be uncertain. The split of the provision between
current and non-current is based on the estimate of when claims will be settled and
is consistent with historical rates of settlement.
Onerous contracts provisions are for loss making contracts that the Group is legally
obligated to complete and unwind over the remaining life of those contracts.
Warranty and rectification provisions are for potential claims against work completed
by the Group. This includes provisions in respect of fire compliance and cladding. Unless
the timing of the rectification works is known and will occur more than 12 months after
the balance sheet date, these liabilities are shown as current.
Other provisions include potential fines arising from safety, health and environmental
legislation and regulation, and costs in respect of redundancy and site closure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-496": { "value": "
25 Share-based payments
The Group operates a number of share-based payment schemes for eligible
employees as described below.
Sharesave Scheme
The number of options over the Company\u2019s Ordinary Shares outstanding at 30 June 2025
were as follows:
Sharesave Sharesave Sharesave
Schemes Scheme Scheme Sharesave
Feb & Oct 2 November 31 October Scheme
2021 2022 2023
2024
Total
Number of options
Directors
\u2013
9,818
6,182
7,518
23,518
Employees
7,124
7,021,206
5,840,122
6,641,164
19,509,616
7,124
7,031,024
5,846,304
6,648,682
19,533,134
Exercise price (pence)
56.5/96.0
55.0
90.0
111.0
Options to acquire shares in the capital of Kier Group plc have been granted to eligible
employees who enter into a Sharesave (SAYE) contract. The number of options granted
to each participating employee are the number of shares which have an aggregate
option price not exceeding the projected proceeds of the employee\u2019s Sharesave contract.
Participation in the Kier Sharesave Scheme is offered to all employees of the Group who
have been employed for a continuous period determined by the Board. Under the
Sharesave contract, participating employees save a regular sum each month for
three years up to a maximum of \u00a3500 per month.
6,968,114 options were granted in the year (2024: 6,841,037) under the Sharesave Scheme,
which will all be equity settled.
5,502,245 Sharesave Scheme options were exercised during the year (2024: 5,819,317).
The weighted average market price of Kier Group plc shares at the date of exercise
of Sharesave Scheme options during the year was 146.4p (2024: 129.5p).
Long-Term Incentive Plan
The number of awards over the Company\u2019s Ordinary Shares outstanding at 30 June 2025
were as follows:
LTIP LTIP LTIP
award award award
FY23 FY24
FY25
Total
Number of awards
Directors
4,248,724
2,851,453
2,186,601
9,286,778
Employees
7,546,972
5,746,305
4,555,979
17,849,256
11,795,696
8,597,758
6,742,580
27,136,034
Exercise price (pence)
nil
nil
nil
The Group has established a Long-Term Incentive Plan (LTIP) under which Directors and
senior employees can receive awards of shares. Awards made under the scheme are
normally able to vest following the third anniversary of the date of the grant. Vesting
may be in full or in part (with the balance of the award lapsing) and is subject to the
Group achieving specific performance targets. Participants are entitled to receive
dividend equivalents on these awards. Awards under the LTIP are all equity settled.
The awards made to Directors are subject to a two-year post-vesting holding period
and malus and clawback provisions.
6,910,466 new options were granted under the LTIP scheme in the year (2024: 9,322,979)
and 6,828,573 shares vested during the year (2024: 8,695,601). The weighted average
market price of Kier Group plc shares at the date of exercise of LTIP options during the
year was 143.2p (2024: 105.0p).
Further description of the above share schemes and the terms and conditions of
each scheme are included in the Directors\u2019 Remuneration report on pages 92\u2013115.
Shares held in trusts
The LTIP awards, which are taken as shares, are intended to be satisfied from shares
held by the Kier Group 1999 Employee Benefit Trust or the issue of new shares. The shares
held by the trusts are accounted for as a deduction from equity within retained earnings.
The movements in the number and historical cost value of shares held by the trusts are
as follows:
2025
2024
Historic Historic
Number cost value Number cost value
of shares \u00a3m of shares \u00a3m
At 1 July
11,804,281
9.0
16,952,961
11.2
Acquired during the year
10,366,433
14.8
3,990,154
4.2
Issued in satisfaction of share
scheme awards
(11,849,888)
(9.3)
(8,695,601)
(6.1)
Issued in satisfaction of deferred
bonus schemes
(376,304)
(0.2)
(443,233)
(0.3)
At 30 June
9,944,522
14.3
11,804,281
9.0
The market value of these shares at 30 June 2025 was \u00a320.8m (2024: \u00a315.6m).
The shares acquired by the trusts in the year at a cost of \u00a314.8m (2024: \u00a34.2m), net of cash
received by the trusts in respect of the deferred bonus schemes of \u00a30.5m (2024: \u00a30.5m)
and Sharesave option price proceeds of \u00a34.6m (2024: \u00a3nil) is reflected in the statement
of changes in equity as a net cost of purchase of own shares of \u00a39.7m (2024 \u00a33.7m).
Fair value of share-based payments
The fair values per option granted have been calculated using the Black-Scholes model for all options, apart from the total shareholder return (TSR) element of the LTIP, which is
based on a Stochastic model. For awards made to the Directors which are subject to a two-year holding period post-vesting, the Chaffe & Finnerty models are used. The following
assumptions were used in calculating the fair values of share options granted in the year:
2025
2024
Scheme
Sharesave
LTIP
LTIP (Directors)
Sharesave
LTIP
LTIP (Directors)
LTIP
29 October 11 October 11 October 31 October 17 November 17 November 8 March
Date of grant 2024 2024 2024 2023 2023 2023 2024
Share price at grant (pence)
145.0
137.0
137.0
100.8
107.8
107.8
142.6
Exercise price (pence)
111.0
nil
nil
90.0
nil
nil
nil
Expected term (years)
3.3
3.0
3.0
3.3
3.0
3.0
2.7
Holding period (years)
n/a
n/a
2.0
n/a
n/a
2.0
n/a
Expected volatility
30.5%
30.8%
31.0%
43.7%
37.9%
32.9%
37.9%
Dividend yield
3.6%
n/a
n/a
0.0%
n/a
n/a
n/a
Risk-free interest rate
4.08%
3.97%
4.08%
4.50%
4.23%
3.97%
4.23%
Value per option (pence):
\u2013 Sharesave
43.8
\u2013
\u2013
40.7
\u2013
\u2013
\u2013
\u2013 LTIP market condition (25%)
\u2013
79.9
75.0
\u2013
88.8
83.0
117.5
\u2013 LTIP non-market condition (75%)
\u2013
137.0
128.7
\u2013
107.8
100.8
142.6
The value per option represents the fair value of the option less any consideration payable. The fair value of the proportion of the awards subject to performance conditions that
are market conditions under IFRS 2 \u2018Share-based Payments\u2019 (the TSR \u2013 total shareholder return element) incorporates an assessment of the number of shares that will vest.
The performance conditions linked to adjusted earnings per share, free cash flow and carbon emissions reduction, are non-market conditions under IFRS 2. Therefore, the fair
values of these elements do not include an assessment of the number of shares that will vest. Instead, the amount charged is based on the fair values factored by a \u2018true-up\u2019
for the number of awards that are expected to vest.
The expected volatility is based on historical volatility over the period of time commensurate with the expected award term immediately prior to the date of grant. The risk-free
rate of return is the yield on UK Government securities over a term consistent with the expected term.
A charge of \u00a38.9m relating to share-based payments has been recognised in the income statement as employee costs (2024: \u00a39.3m). Included in other payables is an amount
of \u00a33.9m (2024: \u00a31.7m) relating to the accrual of employer\u2019s national insurance in respect of share-based payments expected to vest in the future.
Summary of movements in the number of options
A reconciliation of option movements is shown below:
2025
2024
Weighted Weighted
Number average Number average
of options exercise price of options exercise price
Outstanding at 1 July
48,210,585
31.4p
57,184,804
23.9p
Granted
13,878,580
55.7p
16,164,016
38.1p
Lapsed or forfeited
(3,089,179)
44.4p
(10,623,317)
13.1p
Exercised
(12,330,818)
40.3p
(14,514,918)
22.8p
Outstanding at 30 June
46,669,168
35.4p
48,210,585
31.4p
Exercisable at 30 June
304,247
79.3p
158,477
72.3p
The options outstanding at 30 June 2025 have a weighted average remaining
contractual life of 1.25 years (2024: 1.43 years).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-497": { "value": "
26 Guarantees and contingent liabilities
The Company has given guarantees and entered into counter-indemnities in respect
of bonds relating to certain of the Group\u2019s own contracts. The Company has also given
guarantees in respect of certain contractual obligations of its subsidiaries and joint
ventures, which were entered into in the normal course of business, as well as certain
of the Group\u2019s other obligations (for example, in respect of the Group\u2019s finance facilities
and its pension schemes). Financial guarantees over the obligations of the Company\u2019s
subsidiaries and joint ventures are initially measured at fair value, based on the premium
received from the joint venture or the differential in the interest rate of the borrowing
including and excluding the guarantee. Subsequent to initial recognition, financial
guarantee contracts are measured at the higher of the initial fair value measurement
(adjusted for any income amounts recognised) and the amount determined in
accordance with the expected credit loss model. Details of financial guarantees
provided to support joint ventures are disclosed in note 16(c).
In line with comparable construction businesses, from time to time the Group is involved
in legal claims in the ordinary course of business. The Group assesses the likelihood of
success of claims taking into consideration specific circumstances in each case and
any legal advice received. Provisions are recorded for the Directors' best estimate of
the probable outflow in respect of such matters. If the Directors consider that a claim
is unlikely to succeed, no provision is made.
Fire and cladding review
As disclosed in note 1 of the financial statements, the Group continues to review its current
and legacy constructed buildings where it has used cladding solutions and continues to
assess the action required in line with the latest Government guidance, as it applies to
multi-storey and multi-occupied residential buildings. The buildings, including the cladding
works, were signed off by approved inspectors as compliant with the relevant Building
Regulations at the time of completion.
In preparing the financial statements, currently available information has been considered,
including the current best estimate of the extent and future costs of work required, based on
the detailed expert reports, fire safety assessments and physical inspections undertaken.
Where an obligation has been established and a reliable estimate of the costs to rectify
is available, a provision has been made (see note 24). No provision has been made
where an obligation has not been established.
These estimates may be updated as further inspections are completed and as work
progresses which could give rise to the recognition of further liabilities. Such liabilities, should
they arise, are expected to be covered materially by the Group\u2019s insurance arrangements
thereby limiting the net exposure. Any insurance recovery must be considered virtually
certain before a corresponding asset is recognised and so this could potentially lead to
an asymmetry in the timing of the recognition of assets and liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-530": { "value": "26 Guarantees and contingent liabilities The Company has given guarantees and entered into counter-indemnities in respect of bonds relating to certain of the Group\u2019s own contracts. The Company has also given guarantees in respect of certain contractual obligations of its subsidiaries and joint ventures, which were entered into in the normal course of business, as well as certain of the Group\u2019s other obligations (for example, in respect of the Group\u2019s finance facilities and its pension schemes). Financial guarantees over the obligations of the Company\u2019s subsidiaries and joint ventures are initially measured at fair value, based on the premium received from the joint venture or the differential in the interest rate of the borrowing including and excluding the guarantee. Subsequent to initial recognition, financial guarantee contracts are measured at the higher of the initial fair value measurement (adjusted for any income amounts recognised) and the amount determined in accordance with the expected credit loss model. Details of financial guarantees provided to support joint ventures are disclosed in note 16(c). In line with comparable construction businesses, from time to time the Group is involved in legal claims in the ordinary course of business. The Group assesses the likelihood of success of claims taking into consideration specific circumstances in each case and any legal advice received. Provisions are recorded for the Directors' best estimate of the probable outflow in respect of such matters. If the Directors consider that a claim is unlikely to succeed, no provision is made. Fire and cladding review As disclosed in note 1 of the financial statements, the Group continues to review its current and legacy constructed buildings where it has used cladding solutions and continues to assess the action required in line with the latest Government guidance, as it applies to multi-storey and multi-occupied residential buildings. The buildings, including the cladding works, were signed off by approved inspectors as compliant with the relevant Building Regulations at the time of completion. In preparing the financial statements, currently available information has been considered, including the current best estimate of the extent and future costs of work required, based on the detailed expert reports, fire safety assessments and physical inspections undertaken. Where an obligation has been established and a reliable estimate of the costs to rectify is available, a provision has been made (see note 24). No provision has been made where an obligation has not been established. These estimates may be updated as further inspections are completed and as work progresses which could give rise to the recognition of further liabilities. Such liabilities, should they arise, are expected to be covered materially by the Group\u2019s insurance arrangements thereby limiting the net exposure. Any insurance recovery must be considered virtually certain before a corresponding asset is recognised and so this could potentially lead to an asymmetry in the timing of the recognition of assets and liabilities. 28 Financial and capital commitments The Group had no significant capital commitments at the year-end date (2024: none). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-560": { "value": "Capital risk management The Group\u2019s capital management objectives are to ensure the Group\u2019s ability to continue as a going concern and to optimise the capital structure in order to minimise the cost of capital whilst maintaining a strong balance sheet to support business development and tender qualification. The Group\u2019s capital management strategy is to use a blend of capital types with different risk, return and maturity profiles to support the operating divisions and deliver the Group\u2019s capital management objectives. The capital structure of the Group comprises: equity, consisting of share capital, share premium, retained earnings and other reserves as disclosed in the consolidated statement of changes in equity; and cash, cash equivalents and borrowings as disclosed in note 21 and described further below. The Group forecasts and monitors short-, medium- and longer-term capital needs on a regular basis and adjusts its capital structure as required through the payment of dividends to shareholders, the issue of new share capital and the increase or repayment of borrowings. All investment decisions typically require a pre-tax annualised return of at least 15.0% to ensure such investments are value enhancing for shareholders. Financial risk management Financial risk management is an integral part of the way the Group is managed. In the course of its business, the Group is exposed primarily to credit risk, market risk and liquidity risk. The overall aim of the Group\u2019s financial risk management policies is to minimise any potential adverse effects on financial performance and net assets. The Group\u2019s Treasury team manages the principal financial risks within policies and operating limits approved by the Board. The treasury function is not a profit centre and does not enter into speculative transactions. Derivative financial instruments are used to hedge exposure to fluctuations in interest and exchange rates. Where all relevant criteria are met, hedge accounting is applied to remove the accounting mismatch between the hedging instrument and the hedged item. This will effectively result in recognising interest expense at a fixed interest rate for the hedged floating rate borrowings and elimination of exchange rate movements in the income statement relating to the hedged foreign currency denominated borrowings. Credit risk Credit risk arises on financial instruments such as trade receivables, short-term bank deposits and interest rate and currency hedges. Policies and procedures exist to ensure that customers have an appropriate credit history. The Group\u2019s most significant clients are public or regulated industry entities which generally have high credit ratings or are of a high credit quality due to the nature of the client. Short-term bank deposits and hedging transactions are executed only with strong credit-rated authorised counterparties based on ratings issued by the major ratings agencies. Counterparty exposure positions are monitored regularly so that credit exposures to any one counterparty are within acceptable limits. At the balance sheet date there were no significant concentrations of credit risk. Trade and other receivables and contract assets included in the balance sheet are stated net of expected credit loss (ECL) provisions which have been calculated using a provision matrix grouping trade receivables and contract assets on the basis of their shared credit risk characteristics. An analysis of the provision held against trade receivables is set out below:
2025 2024
\u00a3m \u00a3m
Provision as at 1 July
0.5
1.6
Credited to the income statement
(0.8)
(0.9)
Charged to the income statement
1.4
1.2
Utilised in the year
(0.6)
(1.4)
Provision as at 30 June
0.5
0.5
There were \u00a315.3m (2024: \u00a317.2m) of trade receivables that were overdue at the balance sheet date that have not been provided against, of which \u00a39.4m (2024: \u00a311.2m) had been received by the end of August 2025. There are no indications as at 30 June 2025 that the debtors will not meet their payment obligations in respect of the amount of trade receivables recognised in the balance sheet that are overdue and unprovided. The proportion of trade receivables at 30 June 2025 that were overdue for payment was 30% (2024: 24%). Credit terms vary across the Group; the average age of trade receivables was as follows: Infrastructure Services 7 days (2024: 3 days) Construction 4 days (2024: 12 days) Property 11 days (2024: 66 days) Overall, the Group considers that it is not exposed to significant credit risk. Equity loans to joint ventures of \u00a3144.5m (2024: \u00a389.4m) are considered under the general ECL model and have been compared to future cash flows and net assets of the joint venture to ensure that they are still expected to be fully recoverable. Market risk Interest rate risk The Group has borrowing facilities to finance short-term working capital and term loans to finance medium-term capital requirements. Instruments are subject to fixed and floating, based on a margin over SONIA, interest. The Group\u2019s borrowings, allowing for the effect of derivatives, can be analysed as follows:
2025 2024
\u00a3m \u00a3m
Fixed rate
250.0
293.7
Variable rate
20.1
15.1
Cost of raising finance
(6.2)
(8.0)
263.9
300.8
One of the Group\u2019s joint ventures has entered into interest rate swaps in order to mitigate its interest rate risk. Foreign currency risk The Group operates primarily within the UK such that its exposure through its trading operations to currency risk is not considered to be significant. Where material foreign currency exposures are identified, these are hedged using forward foreign exchange contracts or swaps. Changes in foreign exchange rates affect the carrying amount of the liability relating to foreign currency denominated debt on the Group\u2019s balance sheet. The utilisation of derivatives ensures that the movement recognised in the profit and loss is offset by movements on the derivative which are recycled from other comprehensive income. As at 30 June 2025, the Group had no debt denominated in US dollars at fixed currency rates using derivatives (2024: \u00a325.2m). As at 30 June 2025, the Group had no unhedged debt outstanding (2024: US$0.8m). Liquidity risk The Group\u2019s policy on liquidity risk is to ensure that sufficient borrowing facilities are available to fund operations over the medium term. The Group\u2019s principal committed borrowing facilities, being: a high-yield bond and a floating rate revolving credit facility, are unsecured. The amount of committed borrowing facilities available to the Group is reviewed regularly and is designed to exceed forecast peak gross debt levels. Details of guarantees provided by the Group to support the borrowing facilities of its joint ventures are given in note 16(c). The Group provides no other financial guarantees other than those provided to its joint ventures. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-531": { "value": "Capital risk management The Group\u2019s capital management objectives are to ensure the Group\u2019s ability to continue as a going concern and to optimise the capital structure in order to minimise the cost of capital whilst maintaining a strong balance sheet to support business development and tender qualification. The Group\u2019s capital management strategy is to use a blend of capital types with different risk, return and maturity profiles to support the operating divisions and deliver the Group\u2019s capital management objectives. The capital structure of the Group comprises: equity, consisting of share capital, share premium, retained earnings and other reserves as disclosed in the consolidated statement of changes in equity; and cash, cash equivalents and borrowings as disclosed in note 21 and described further below. The Group forecasts and monitors short-, medium- and longer-term capital needs on a regular basis and adjusts its capital structure as required through the payment of dividends to shareholders, the issue of new share capital and the increase or repayment of borrowings. All investment decisions typically require a pre-tax annualised return of at least 15.0% to ensure such investments are value enhancing for shareholders. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-550": { "value": "Credit risk Credit risk arises on financial instruments such as trade receivables, short-term bank deposits and interest rate and currency hedges. Policies and procedures exist to ensure that customers have an appropriate credit history. The Group\u2019s most significant clients are public or regulated industry entities which generally have high credit ratings or are of a high credit quality due to the nature of the client. Short-term bank deposits and hedging transactions are executed only with strong credit-rated authorised counterparties based on ratings issued by the major ratings agencies. Counterparty exposure positions are monitored regularly so that credit exposures to any one counterparty are within acceptable limits. At the balance sheet date there were no significant concentrations of credit risk. Trade and other receivables and contract assets included in the balance sheet are stated net of expected credit loss (ECL) provisions which have been calculated using a provision matrix grouping trade receivables and contract assets on the basis of their shared credit risk characteristics. An analysis of the provision held against trade receivables is set out below:
2025 2024
\u00a3m \u00a3m
Provision as at 1 July
0.5
1.6
Credited to the income statement
(0.8)
(0.9)
Charged to the income statement
1.4
1.2
Utilised in the year
(0.6)
(1.4)
Provision as at 30 June
0.5
0.5
There were \u00a315.3m (2024: \u00a317.2m) of trade receivables that were overdue at the balance sheet date that have not been provided against, of which \u00a39.4m (2024: \u00a311.2m) had been received by the end of August 2025. There are no indications as at 30 June 2025 that the debtors will not meet their payment obligations in respect of the amount of trade receivables recognised in the balance sheet that are overdue and unprovided. The proportion of trade receivables at 30 June 2025 that were overdue for payment was 30% (2024: 24%). Credit terms vary across the Group; the average age of trade receivables was as follows: Infrastructure Services 7 days (2024: 3 days) Construction 4 days (2024: 12 days) Property 11 days (2024: 66 days) Overall, the Group considers that it is not exposed to significant credit risk. Equity loans to joint ventures of \u00a3144.5m (2024: \u00a389.4m) are considered under the general ECL model and have been compared to future cash flows and net assets of the joint venture to ensure that they are still expected to be fully recoverable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-551": { "value": "Market risk Interest rate risk The Group has borrowing facilities to finance short-term working capital and term loans to finance medium-term capital requirements. Instruments are subject to fixed and floating, based on a margin over SONIA, interest. The Group\u2019s borrowings, allowing for the effect of derivatives, can be analysed as follows:
2025 2024
\u00a3m \u00a3m
Fixed rate
250.0
293.7
Variable rate
20.1
15.1
Cost of raising finance
(6.2)
(8.0)
263.9
300.8
One of the Group\u2019s joint ventures has entered into interest rate swaps in order to mitigate its interest rate risk. Foreign currency risk The Group operates primarily within the UK such that its exposure through its trading operations to currency risk is not considered to be significant. Where material foreign currency exposures are identified, these are hedged using forward foreign exchange contracts or swaps. Changes in foreign exchange rates affect the carrying amount of the liability relating to foreign currency denominated debt on the Group\u2019s balance sheet. The utilisation of derivatives ensures that the movement recognised in the profit and loss is offset by movements on the derivative which are recycled from other comprehensive income. As at 30 June 2025, the Group had no debt denominated in US dollars at fixed currency rates using derivatives (2024: \u00a325.2m). As at 30 June 2025, the Group had no unhedged debt outstanding (2024: US$0.8m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-552": { "value": "Liquidity risk The Group\u2019s policy on liquidity risk is to ensure that sufficient borrowing facilities are available to fund operations over the medium term. The Group\u2019s principal committed borrowing facilities, being: a high-yield bond and a floating rate revolving credit facility, are unsecured. The amount of committed borrowing facilities available to the Group is reviewed regularly and is designed to exceed forecast peak gross debt levels. Details of guarantees provided by the Group to support the borrowing facilities of its joint ventures are given in note 16(c). The Group provides no other financial guarantees other than those provided to its joint ventures. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-532": { "value": "Derivative financial instruments One of the Group\u2019s property joint ventures has entered into an interest rate derivative as a means of hedging interest rate risk. The interest-bearing debt and associated interest rate derivative with this joint venture expires in May 2026 and is without recourse to the Group. At 30 June 2025, the aggregate amount outstanding on this interest-bearing debt against which an interest rate derivative is held is \u00a334.3m (2024: \u00a321.7m). The Group\u2019s share of the total net fair value asset of this interest rate derivative at 30 June 2025 amounted to \u00a30.2m (2024: \u00a30.1m), which has met the criteria for hedge accounting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-533": { "value": "Financial liabilities \u2013 analysis of maturity dates At 30 June 2025, the Group had the following financial liabilities at amortised cost together with the maturity profile of their contractual cash flows:
Trade and
other Bank Lease
payables
1
overdrafts Borrowings liabilities Total
30 June 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Carrying value
955.9
1,221.4
263.9
151.1
2,592.3
Contractual undiscounted
cash flows
Less than one year
936.9
1,221.4
24.3
48.0
2,230.6
One to two years
12.0
\u2013
24.3
28.7
65.0
Two to three years
6.6
\u2013
44.6
16.8
68.0
Three to four years
0.6
\u2013
272.5
12.7
285.8
Four to five years
0.1
\u2013
\u2013
9.3
9.4
Over five years
0.1
\u2013
\u2013
71.5
71.6
956.3
1,221.4
365.7
187.0
2,730.4
Trade and
other Bank Lease
payables
1
overdrafts Borrowings liabilities Total
30 June 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Carrying value
984.9
1,101.4
300.8
173.1
2,560.2
Contractual undiscounted
cash flows
Less than one year
956.6
1,101.4
76.4
50.1
2,184.5
One to two years
23.2
\u2013
22.5
30.4
76.1
Two to three years
3.2
\u2013
22.5
20.6
46.3
Three to four years
2.3
\u2013
22.5
14.2
39.0
Four to five years
\u2013
\u2013
272.5
12.0
284.5
Over five years
\u2013
\u2013
\u2013
88.9
88.9
985.3
1,101.4
416.4
216.2
2,719.3
1. Trade and other payables exclude other taxes and social security and deferred income. There is no material difference between the carrying value and fair value of the Group\u2019s financial assets and liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-565": { "value": "Borrowings and borrowing facilities As at 30 June 2025, the Group had the following unsecured committed facilities after the effect of derivatives: \u2022 high-yield bond of \u00a3250.0m, at fixed rate of 9.0%, maturing in February 2029, fully drawn at 30 June 2025 (2024: \u00a3250.0m); \u2022 revolving credit facility of \u00a3150.0m, at a margin over SONIA, due for renewal on 31 March 2027, which was undrawn at 30 June 2025 (2024: \u00a3260.9m, undrawn); and \u2022 non-recourse project finance of \u00a320.1m (2024: \u00a315.1m) for property development activity within the Property business. In addition, the Group has access to uncommitted short-term borrowing facilities, such as overdrafts, which were undrawn at year-end (2024: undrawn). Included within borrowings are capitalised loan fees of \u00a36.2m (2024: \u00a38.0m). The Group repaid and reduced total available facilities by \u00a3148.2m (2024: \u00a321.2m) in the year ended 30 June 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-561": { "value": "Borrowings and borrowing facilities As at 30 June 2025, the Group had the following unsecured committed facilities after the effect of derivatives: \u2022 high-yield bond of \u00a3250.0m, at fixed rate of 9.0%, maturing in February 2029, fully drawn at 30 June 2025 (2024: \u00a3250.0m); \u2022 revolving credit facility of \u00a3150.0m, at a margin over SONIA, due for renewal on 31 March 2027, which was undrawn at 30 June 2025 (2024: \u00a3260.9m, undrawn); and \u2022 non-recourse project finance of \u00a320.1m (2024: \u00a315.1m) for property development activity within the Property business. In addition, the Group has access to uncommitted short-term borrowing facilities, such as overdrafts, which were undrawn at year-end (2024: undrawn). Included within borrowings are capitalised loan fees of \u00a36.2m (2024: \u00a38.0m). The Group repaid and reduced total available facilities by \u00a3148.2m (2024: \u00a321.2m) in the year ended 30 June 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-498": { "value": "
28 Financial and capital commitments
The Group had no significant capital commitments at the year-end date (2024: none).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-499": { "value": "
29 Related parties
Identity of related parties
The Group has a related party relationship with its joint ventures, key management
personnel and pension schemes in which its employees participate.
Transactions with key management personnel
The Group\u2019s key management personnel are the Executive and Non-Executive Directors
as identified in the Directors\u2019 Remuneration report on pages 92\u2013115.
In addition to their salaries, the Group also provides non-cash benefits to Directors and
contributes to their pension arrangements as disclosed on page 99. Key management
personnel also participate in the Group\u2019s share option programme (see note 25).
Key management personnel compensation comprises:
2025 2024
\u00a3m \u00a3m
Total fixed pay as analysed in the Directors\u2019 Remuneration report
2.6
2.1
Bonus as analysed in the Directors\u2019 Remuneration report
1.5
1.6
Employer\u2019s national insurance contributions
1.1
0.7
Share-based payment charge
1
2.1
1.6
Total key management personnel compensation
7.3
6.0
1. Share-based payment charge is calculated under IFRS 2 \u2018Share-based Payments\u2019 as described in note 25.
Transactions with pension schemes
Details of transactions between the Group and pension schemes in which its employees
participate are detailed in note 9.
Transactions with joint ventures
2025 2024
\u00a3m \u00a3m
Construction services and materials
1.1
2.4
Staff and associated costs
2.5
2.6
Management services
1.4
0.9
Interest on loans to joint ventures
0.1
\u2013
Plant hire
0.2
0.2
5.3
6.1
Trading balances with joint ventures
2025 2024
\u00a3m \u00a3m
Trading balances due from joint ventures
7.2
0.6
Trading balances due to joint ventures
(0.6)
(0.4)
The above balances are in addition to the equity accounted investments and loans to
joint ventures on the balance sheet and are included in trade and other receivables
and trade and other payables respectively. Those joint ventures which the Directors
consider to be material to the Group are disclosed in note 16.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-534": { "value": "29 Related parties Identity of related parties The Group has a related party relationship with its joint ventures, key management personnel and pension schemes in which its employees participate. Transactions with key management personnel The Group\u2019s key management personnel are the Executive and Non-Executive Directors as identified in the Directors\u2019 Remuneration report on pages 92\u2013115. In addition to their salaries, the Group also provides non-cash benefits to Directors and contributes to their pension arrangements as disclosed on page 99. Key management personnel also participate in the Group\u2019s share option programme (see note 25). Key management personnel compensation comprises:
2025 2024
\u00a3m \u00a3m
Total fixed pay as analysed in the Directors\u2019 Remuneration report
2.6
2.1
Bonus as analysed in the Directors\u2019 Remuneration report
1.5
1.6
Employer\u2019s national insurance contributions
1.1
0.7
Share-based payment charge
1
2.1
1.6
Total key management personnel compensation
7.3
6.0
1. Share-based payment charge is calculated under IFRS 2 \u2018Share-based Payments\u2019 as described in note 25. Transactions with pension schemes Details of transactions between the Group and pension schemes in which its employees participate are detailed in note 9. Transactions with joint ventures
2025 2024
\u00a3m \u00a3m
Construction services and materials
1.1
2.4
Staff and associated costs
2.5
2.6
Management services
1.4
0.9
Interest on loans to joint ventures
0.1
\u2013
Plant hire
0.2
0.2
5.3
6.1
Trading balances with joint ventures
2025 2024
\u00a3m \u00a3m
Trading balances due from joint ventures
7.2
0.6
Trading balances due to joint ventures
(0.6)
(0.4)
The above balances are in addition to the equity accounted investments and loans to joint ventures on the balance sheet and are included in trade and other receivables and trade and other payables respectively. Those joint ventures which the Directors consider to be material to the Group are disclosed in note 16.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-553": { "value": "Transactions with key management personnel The Group\u2019s key management personnel are the Executive and Non-Executive Directors as identified in the Directors\u2019 Remuneration report on pages 92\u2013115. In addition to their salaries, the Group also provides non-cash benefits to Directors and contributes to their pension arrangements as disclosed on page 99. Key management personnel also participate in the Group\u2019s share option programme (see note 25). Key management personnel compensation comprises:
2025 2024
\u00a3m \u00a3m
Total fixed pay as analysed in the Directors\u2019 Remuneration report
2.6
2.1
Bonus as analysed in the Directors\u2019 Remuneration report
1.5
1.6
Employer\u2019s national insurance contributions
1.1
0.7
Share-based payment charge
1
2.1
1.6
Total key management personnel compensation
7.3
6.0
1. Share-based payment charge is calculated under IFRS 2 \u2018Share-based Payments\u2019 as described in note 25. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-562": { "value": "30 Subsidiaries and other undertakings A full list of subsidiaries, branches, associated undertakings, and joint arrangements as at 30 June 2025 is detailed below. Unless stated otherwise, all undertakings are wholly owned and held indirectly by Kier Group plc. Subsidiaries
Registered Share % held
Company name
office
1
class(es) held by Group
2020
Liverpool Limited (dissolved 8 July 2025)
12
Ordinary
100%
A C Chesters & Son Limited
1
Ordinary
100%
Arena Central Developments LLP
1
\u2013
100%
Arena Central Management Limited
1
A Ordinary
100%
Caribbean Construction Company Limited
2
Ordinary
100%
Caxton Integrated Services Holdings Limited
(in liquidation)
12
Ordinary
100%
Clearbox Limited (formerly Wallis Limited)
1
Ordinary
100%
Dragon Lane Holdings 1 LLP
1
\u2013
100%
Dragon Lane Holdings 2 LLP
1
\u2013
100%
Dragon Lane LLP
1
\u2013
100%
Dudley Coles Limited
1
Ordinary
100%
FDT (Holdings) Ltd
1
Ordinary
100%
FDT Associates Ltd
1
Ordinary A
100%
Heart of Wales Property Services Limited
(in liquidation)
12
Ordinary
50%
J L Kier & Company (London) Limited
1
Ordinary
100%
J L Kier & Company Limited
1
Ordinary
100%
Kier (Catterick) Limited
1
A Ordinary
100%
B Ordinary
100%
Kier (Kent) PSP Limited
1
A Ordinary
100%
B Ordinary
100%
Kier (Malaysia) SDN. BHD. (in liquidation)
3
Ordinary
100%
Kier (Newcastle) Investment Ltd
1
Ordinary
100%
Kier (Newcastle) Operation Limited
1
Ordinary
100%
Kier (NR) Limited
1
Ordinary
100%
Kier Asset Partnership Services Limited
1
Ordinary
100%
Kier Benefits Limited
1
Ordinary
100%
25% 3
Registered Share % held
Company name
office
1
class(es) held by Group
Kier Build Limited
1
Ordinary
100%
Kier Business Services Limited
1
Ordinary
100%
Kier Caribbean and Industrial Limited
(dissolved 1 July 2025)
1
Ordinary
100%
Kier CB Limited
1
Ordinary
100%
Kier Commercial Investments Limited
1
Ordinary
100%
Kier Commercial UKSC Limited
1
Ordinary
100%
Kier Construction Limited
1
Ordinary
100%
Kier Construction Limited
4
Ordinary
100%
Kier Construction LLC
9
5
Ordinary
49%
Kier Construction SA
6
Ordinary
100%
Kier Developments Limited
1
A Ordinary
100%
B Ordinary
100%
C Ordinary
100%
Kier Dubai LLC
9
7
Ordinary
49%
Kier Education Investments Limited
1
B Ordinary
100%
M Ordinary
100%
Kier Education Services Limited
1
B Ordinary
100%
M Ordinary
100%
Kier Energy Solutions Limited
(dissolved 1 July 2025)
1
Ordinary
100%
Kier Ewan Limited
1
Ordinary
100%
Kier Facilities Services Limited
1
Ordinary
100%
Kier Finance & Treasury Holdings Limited
1
Ordinary
100%
Kier Finance Limited
1
Ordinary
100%
Kier Fleet Services Limited
1
Ordinary
100%
Kier Green Investments Limited
1
Ordinary
100%
Kier Group Trustees Limited
2
1
Ordinary
100%
Kier Harlow Limited (in liquidation)
12
Ordinary
100%
Kier Holdco 2 Limited (dissolved 1 July 2025)
1
Ordinary
100%
Kier Holdings Limited
1
Ordinary
100%
Irredeemable
preference
100%
Kier Infrastructure and Overseas Limited
1
Ordinary
100%
Registered Share % held
Company name
office
1
class(es) held by Group
Kier Infrastructure and Overseas Limited \u2013
Hong Kong Branch (in liquidation)
Kier Infrastructure and Overseas Limited \u2013
Jamaica Branch
Kier Infrastructure and Overseas Limited \u2013
Trinidad Branch
Kier Infrastructure Pty Ltd
8
Ordinary
100%
Kier Insurance Management Services Limited
(dissolved 1 July 2025)
1
Ordinary
100%
Kier Integrated Services (Estates) Limited
1
Ordinary
100%
Kier Integrated Services (Holdings) Limited
1
Ordinary
100%
Deferred
100%
Kier Integrated Services (Trustees) Limited
1
Ordinary
100%
Kier Integrated Services Group Limited
1
Ordinary
100%
Kier Integrated Services Limited
1
Ordinary
100%
Kier International (Investments) Limited
1
Ordinary
100%
Kier International Limited
1
Ordinary
100%
Kier International Limited \u2013 Jamaica Branch
Kier International Limited
9
Ordinary
100%
Kier Limited
2
1
Ordinary
100%
Kier Logistics (Knowsley) Ltd (formerly Kier PGIM
Logistics (Knowsley) Ltd)
1
Ordinary
100%
Kier Logistics Holdco Ltd
(formerly Kier PGIM Logistics Holdco Ltd)
1
Ordinary
100%
Kier Management Consulting Limited
1
Ordinary
100%
A Ordinary
100%
B Ordinary
100%
Kier MBS Limited
1
Ordinary
100%
Kier Midlands Limited
1
Ordinary
100%
Kier Minerals Limited
1
Ordinary
100%
Kier Mining Investments Limited (dissolved 1 July 2025)
1
Ordinary
100%
Kier National Limited
1
Ordinary
100%
Kier North Tyneside Limited
5
1
B Ordinary
100%
80%\u00b3 Registered Share % held Company name office1class(es) held by Group Kier Overseas (Nine) Limited 1 Ordinary 100% Kier Overseas (Seventeen) Limited 1 Ordinary 100% Kier Overseas (Twenty-Three) Limited 1 Ordinary 100% Kier Parkman Ewan Associates Limited 1 Ordinary A 100% Kier PGIM Logistics (Bracknell) Ltd (in liquidation) 1 Ordinary 100% Kier PGIM Logistics Propco 5 Ltd (in liquidation) 1 Ordinary 100% Kier PGIM Logistics Propco 7 Ltd (in liquidation) 1 Ordinary 100% Kier PGIM Logistics Propco 8 Ltd (in liquidation) 1 Ordinary 100% Kier Plant Limited 1 Ordinary 100% Kier Professional Services Limited 1 Ordinary 100% Kier Project Investment Limited 1 Ordinary 100% Kier Property Developments Limited 1 Ordinary 100% Kier Property Limited 1 Ordinary 100% Kier Property Management Company Limited 1 Ordinary 100% Kier Rail Limited 1 Ordinary 100% Kier Recycling CIC 1 Ordinary 100% Kier Services Limited 1 Ordinary 100% Kier Sharston Limited 1 Ordinary 100% Kier Sheffield LLP (in liquidation) 12 \u2013 80.1% Kier South East Limited (dissolved 1 July 2025) 1 Ordinary 100% Kier South Wokingham LLP 1 \u2013 100% Kier Southern Limited (in liquidation) 1 Ordinary 100% Kier Stoke Limited 1 Ordinary 100% Kier Sydenham Limited 1 Ordinary 100% Kier Traffic Support Limited (dissolved 1 July 2025) 1 Ordinary 100% Kier Transportal Limited (formerly Clearbox Limited) 1 Ordinary 100% Kier Transportation Limited 1 Ordinary 100% Kier UKSC LLP 1 \u2013 100% Kier Ventures Limited 1 Ordinary 100% Kier Ventures UKSC Limited 1 Ordinary 100% Kier York Street LLP 1 \u2013 100% Magnetic Limited 1 Ordinary 100%
Registered Share % held
Company name
office
1
class(es) held by Group
McNicholas Construction (Holdings) Limited
1
Ordinary
100%
McNicholas Construction Services Limited
1
Ordinary
100%
MRBL Limited
1
Ordinary A
100%
Ordinary B
100%
Deferred B
100%
Parkman Consultants Limited (dissolved 1 July 2025)
1
Ordinary
100%
Pure Recycling Warwick Limited
1
Ordinary A
100%
Ordinary B
100%
T Cartledge Limited (dissolved 1 July 2025)
1
Ordinary
100%
T H Construction Limited
1
Ordinary
100%
T J Brent Limited
1
Ordinary
100%
Ordinary B
100%
Ordinary C
100%
Tempsford Insurance Company Limited
2
10
Ordinary
100%
The Impact Partnership (Rochdale Borough) Limited
(in liquidation)
12
Ordinary
80.1%
Tor2 Limited (in liquidation)
12
PSP Shares
100%
80.01%\u00b3
TradeDirect Logistics Limited
1
Ordinary
100%
Turriff Contractors Limited
11
Ordinary
100%
Turriff Group Limited
11
Ordinary
100%
Ordinary A
100%
Ordinary B
100%
W. & C. French (Construction) Limited
1
Ordinary
100%
Wallis Western Limited (in liquidation)
12
Ordinary
100%
William Moss Construction Limited (in liquidation)
12
Ordinary
100%
William Moss Group Limited (The)
1
Ordinary
100%
1. See list of registered office details and explanatory notes on page 182. Listed below are subsidiaries controlled and consolidated by the Group, which under section 479A of the Companies Act 2006 (the \u2018Act\u2019) are exempt from the requirements of the Act relating to the audit of accounts.
Company
registration
Company name
number
Year-end
A C Chesters & Son Limited
02628570
30 June 2025
Arena Central Developments LLP
OC305452
30 June 2025
Dragon Lane Holdings 1 LLP
OC398919
30 June 2025
Dragon Lane Holdings 2 LLP
OC398920
30 June 2025
Dragon Lane LLP
OC398924
30 June 2025
FDT (Holdings) Ltd
04535855
30 June 2025
FDT Associates Ltd
03282705
30 June 2025
Kier (Catterick) Limited
07372563
30 June 2025
Kier (Newcastle) Investment Ltd
09978111
30 June 2025
Kier (Newcastle) Operation Limited
10609470
30 June 2025
Kier (NR) Limited
06648175
30 June 2025
Kier Asset Partnership Services Limited
06928701
30 June 2025
Kier Build Limited
01551959
30 June 2025
Kier Business Services Limited
03679828
30 June 2025
Kier Commercial Investments Limited
04002798
30 June 2025
Kier Developments Limited
04407754
30 June 2025
Kier Education Investments Limited
06458919
30 June 2025
Kier Education Services Limited
05457729
30 June 2025
Kier Ewan Limited
04182542
30 June 2025
Kier Finance & Treasury Holdings Limited
05887555
30 June 2025
Kier Finance Limited
05887689
30 June 2025
Kier Fleet Services Limited
02127113
30 June 2025
Kier Green Investments Limited
08922437
30 June 2025
Kier Holdings Limited
05887559
30 June 2025
Kier Integrated Services (Estates) Limited
00216679
30 June 2025
Kier Integrated Services (Holdings) Limited
04321657
30 June 2025
Kier Integrated Services (Trustees) Limited
03510967
30 June 2025
Kier Integrated Services Group Limited
02372311
30 June 2025
Company
registration
Company name
number
Year-end
Kier International (Investments) Limited
01463191
30 June 2025
Kier International Limited
00810557
30 June 2025
Kier Management Consulting Limited
02491619
30 June 2025
Kier MBS Limited
11632543
30 June 2025
Kier Minerals Limited
02099531
30 June 2025
Kier National Limited
02100338
30 June 2025
Kier Overseas (Nine) Limited
01531039
30 June 2025
Kier Overseas (Seventeen) Limited
01462100
30 June 2025
Kier Overseas (Twenty-Three) Limited
02127112
30 June 2025
Kier Parkman Ewan Associates Limited
03033421
30 June 2025
Kier Plant Limited
04233359
30 June 2025
Kier Professional Services Limited
08881783
30 June 2025
Kier Property Limited
04459403
30 June 2025
Kier Property Management Company Limited
06207623
30 June 2025
Kier Recycling CIC
03153490
30 June 2025
Kier South Wokingham LLP
OC451168
30 June 2025
Kier Stoke Limited
06391459
30 June 2025
Kier Sydenham Limited
08486944
30 June 2025
Kier Transportal Limited (formerly Clearbox Limited)
08658406
30 June 2025
Magnetic Limited
07775665
30 June 2025
McNicholas Construction Services Limited
01510892
30 June 2025
MRBL Limited
08177998
30 June 2025
Pure Recycling Warwick Limited
06436462
30 June 2025
T H Construction Limited
01532971
30 June 2025
TradeDirect Logistics Limited
11400572
30 June 2025
Joint ventures
Registered Interest
Company name
office
1
held
Property
3 Sovereign Square Holdings 1 LLP
1
50%
3 Sovereign Square Holdings 2 LLP
1
50%
3 Sovereign Square LLP
1
50%
Kent LEP 1 Limited
1
80%
Kier (Southampton) Development Limited
1
75%
Kier (Southampton) Investment Limited
1
75%
Kier (Southampton) Operations Limited
1
75%
Kier Bishops Stortford Holdings Limited
(formerly Kier Richmond Holdings Limited)
1
90%
Kier Bishops Stortford Limited (formerly Kier Richmond Limited)
1
90%
Kier Bracknell Holdco Ltd
1
90%
Kier Bracknell Ltd
1
90%
Kier Cornwall Street Holdings 1 LLP
1
90%
Kier Cornwall Street Holdings 2 LLP
1
90%
Kier Cornwall Street LLP
1
90%
Kier Countryside Great Haddon East LLP
13
50%
Kier Countryside Holdings 1 LLP
13
50%
Kier Countryside Holdings 2 LLP
13
50%
Kier Countryside Laindon Road LLP
13
50%
Kier Countryside Saffron Walden LLP
(formerly Saffron Walden LLP)
13
50%
Kier Countryside South Wokingham LLP
13
50%
Kier Countryside Watford LLP
13
50%
Kier Foley Street Holdco 1 LLP
1
90%
Kier Foley Street Holdco 2 LLP
1
90%
Kier Foley Street LLP
1
90%
Kier HGP Devco 2 LLP
1
50%
Kier HGP Holdings 2 Limited
1
50%
Kier HGP Holdings LLP
1
50%
Kier HGP Tunbridge Wells LLP
1
50%
Kier Maidenhead Holdings 1 LLP
1
90%
Kier Maidenhead Holdings 2 LLP
1
90%
Registered Interest
Company name
office
1
held
Kier Maidenhead LLP
1
90%
Kier Logistics (Bognor) Ltd (formerly Kier PGIM Logistics
(Bognor) Ltd)
1
90%
Kier Logistics (Milton Keynes) Ltd (formerly Kier PGIM
Logistics (Milton Keynes) Ltd)
1
90%
Kier Logistics (St. Albans) Ltd (formerly Kier PGIM Logistics
(St. Albans) Ltd)
1
90%
Kier Reading Holdco 1 LLP
1
90%
Kier Reading Holdco 2 LLP
1
90%
Kier Reading LLP
1
90%
Kier Realis Logistics Propco 1 LLP
1
50%
Kier Southwark Holdco Ltd
1
90%
Kier Sydenham GP Holdco Limited
1
50%
Kier Sydenham GP Limited
1
50%
Kier Sydenham LP
1
50%
Kier Sydenham Nominee Limited
1
50%
Kier Trade City Holdco 1 LLP
1
90%
Kier Trade City Holdco 2 LLP
1
90%
Kier Trade City LLP
1
90%
Kier Warth Limited
1
50%
Lysander Student Properties Investments Limited
1
75%
Lysander Student Properties Limited
1
75%
Lysander Student Properties Operations Limited
1
75%
MVDC Kier Holdco 1 LLP
1
50%
MVDC Kier Holdco 2 LLP
1
50%
Penda Limited (dissolved 8 July 2025)
1
50%
Saltbox Business Park (Management) Limited
1
59.11%
Solum Regeneration (Bishops) LLP
1
50%
Solum Regeneration (Epsom) Limited Partnership
1
50%
Solum Regeneration (Guildford) LLP
1
50%
Solum Regeneration (Haywards) LLP
1
50%
Solum Regeneration (Kingswood) LLP
1
50%
Registered Interest
Company name
office
1
held
Solum Regeneration (Maidstone) LLP
1
50%
Solum Regeneration (Redhill) LLP
1
50%
Solum Regeneration (Surbiton) LLP
1
50%
Solum Regeneration (Twickenham) LLP
1
50%
Solum Regeneration (Walthamstow) LLP
1
50%
Solum Regeneration Epsom (GP Subsidiary) Limited
1
50%
Solum Regeneration Epsom (GP) Limited
1
50%
Solum Regeneration Epsom (Residential) LLP
1
50%
Solum Regeneration Holding 1 LLP
1
50%
Solum Regeneration Holding 2 LLP
1
50%
Tri-Link 140 Holdings 1 LLP
1
50%
Tri-Link 140 Holdings 2 LLP
1
50%
Tri-Link 140 LLP
1
50%
Watford Health Campus Limited
1
50%
Watford Health Campus Partnership LLP
1
50%
Watford Riverwell (Central Zone) LLP
1
50%
Watford Riverwell (Family Housing) LLP
1
50%
Watford Riverwell Management Company Limited
1
50%
Watford Health Campus Neighbourhood Square LLP
(formerly Watford Woodlands LLP)
1
50%
Winsford Devco LLP
1
50%
Winsford Holdings 1 LLP
1
50%
Winsford Holdings 2 LLP
1
50%
Construction
Kier Graham Defence Limited
1
50%
Services
2020
Knowsley Limited (dissolved 8 July 2025)
12
80.1%
Hackney Schools for the Future Limited
1
80%
Hackney Schools for the Future 2 Limited
1
8%
Team Van Oord Limited
14
25%
1. See list of registered office details and explanatory notes on page 182.
Joint operation name
Description
Trading address
Crossrail Contracts a joint arrangement between Kier Infrastructure and Overseas Limited, BAM Nuttall BAM Ferrovial Kier JV C435, The London School of Beauty,
300/410/435 Limited and Ferrovial Agroman (UK) Limited 18\u201319 Long Lane, London, EC1A 9LP
Deephams
a joint arrangement between Kier Infrastructure and Overseas Limited, J Murphy &
Deephams Sewage Treatment Wales, Pickett\u2019s Lock Lane,
Sons Limited, and Aecom Limited Edmonton, N9 0BA
Devonport
a joint arrangement between Kier Infrastructure and Overseas Limited and
St. James House, Knoll Road, Camberley, Surrey, GU15 3XW
BAM Nuttall Limited
EKFB
a joint arrangement between Kier Infrastructure and Overseas Limited, Eiffage G\u00e9nie
5th Floor, Exchange House, Midsummer Boulevard,
Civil, Ferrovial Agroman (UK) Limited and BAM Nuttall Limited Milton Keynes, MK9 2EA
Hercules
a joint arrangement between Kier Construction Limited and Balfour Beatty
Hercules Site Offices, The Wessex Building, MOD Lyneham,
Calne Road, Lyneham, Chippenham, SN15 4PZ
Hinkley Framework
a joint arrangement between Kier Infrastructure and Overseas Limited and
J23 P&R HPC Postal Consolidation Centre, Huntsworth Business
BAM Nuttall Limited Centre, North Petherton, Somerset, TA6 6TS
Kier BAM JV
a joint arrangement between Kier Integrated Services Limited and BAM Civil Limited
2nd Floor, Optimum House, Clippers Quay, Salford, M50 3XP
(company number 17543, registered office Kill, County Kildaire)
KCD
a joint arrangement between Kier Integrated Services Limited and
Thames Water Offices, Clear Water Court, Vastern Rd,
Clancy Docwra Limited Reading, RG1 8DB
Luton People Mover
a joint arrangement between Kier Infrastructure and Overseas Limited and
Hertford Road, Hoddesdon, EN11 9BX
VolkerFitzpatrick Limited
Mersey Gateway
a joint arrangement between Kier Infrastructure and Overseas Limited, Samsung C&T
Forward Point, Tan House Lane, Widnes, WA8 0SL
ECUK Limited and FCC Construccion S.A.
RAF Lakenheath
a joint arrangement between Kier Construction Limited and VolkerFitzpatrick Limited
Hertford Road, Hoddesdon, EN11 9BX
Tarmac Kier JV
a joint arrangement between Kier Transportation Limited and Tarmac Trading Limited
2nd Floor, Optimum House, Clippers Quay Salford, M50 3XP
Kier Graham a joint arrangement between Kier Construction Limited and John Graham Campsie House, Buchanan Business Park, Cumbernauld Road,
Defence (Clyde) Construction Limited Stepps, Glasgow, G33 6HZ
Kier McAvoy
a joint arrangement between Kier Construction Limited and McAvoy
Ferguson Road, Knockmore Hill Industrial Estate, Lisburn, BT28 2FW
Saadiyat Rotana Hotel a joint arrangement between Kier Construction LLC and Ali and P.O. Box 2153, Abu Dhabi
and Resort Complex Sons Contracting Co LLC
Kier ACC
a joint arrangement between Kier Dubai LLC and Arabian Construction Co.SAL
P.O. Box 24461, Dubai
Registered office addresses
Number
Address
1
2nd Floor, Optimum House, Clippers Quay, Salford, M50 3XP, UK
2
Harbour Head, Harbour View, Kingston 17, Jamaica
3
9\u20135 & 7\u20135, Jalan 8/146, Bandar Tasik Selatan, Kuala Lumpur, 57000, Malaysia
4
c/o Grant Thornton, Cnr Bank Street and West Independence Sq Street, Basseterre,
Saint Kitts and Nevis
5
Unit 869, Al Gaith Tower, Hamdan Street, PO Box 61967, Abu Dhabi, United Arab Emirates
6
151
Angle Avenue, Jean Paul II et Impasse Duverger, Turgeau, Port-au-Prince, Haiti
7
905, 9th Floor, Thuraya Tower, Tecom, P.O. Box 24461, Dubai, United Arab Emirates
8
Pinsent Masons, Level 46, 101 Collins Street, Melbourne, VIC 3000, Australia
9
6th Floor, Emperor Commercial Centre, 39 Des Voeux Road Central, Hong Kong
10
PO Box 33, Dorey Court, Admiral Park, St Peter Port, GY1 4AT, Guernsey
11
Campsie House, Buchanan Business Park, Cumbernauld Road, Stepps, Glasgow,
G33 6HZ, UK
12
1 More London Place, London, SE1 2AF, UK
13
Countryside House, The Drive, Brentwood, Essex, CM13 3AT, UK
14
Bankside House, Henfield Road, Small Dole, Henfield, West Sussex, BN5 9XQ, UK
Explanatory notes
1. The share capital of all entities is wholly owned and held indirectly by Kier Group plc unless indicated otherwise.
2. Shares held directly by Kier Group plc.
3. Total interest in entity held by the Group as there are other share class(es) held by a third party.
4. In some jurisdictions in which the Group operates, share classes are not defined and in these instances, for the
purposes of disclosure, these holdings have been classified as ordinary shares.
5. The Group has entered into a partnership arrangement with North Tyneside Council whereby the Council has
a participating ownership interest and receives a minority share of the profits of Kier North Tyneside Limited.
6. Joint operations are contracted agreements to co-operate on a specific project which is an extension of the
Group\u2019s existing business. Joint ventures are ongoing businesses carrying on their own trade.
7. Interests in the above joint ventures are held by subsidiary undertakings.
8. The joint ventures where the Group has an interest in excess of 50% are still considered joint ventures as the Group
has joint control.
9. Accounted for as a subsidiary as control is achieved through an agreement between shareholders.
10. Where companies are shown as being in liquidation, in all cases this is either a members\u2019 voluntary liquidation
or a strike-off application.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-554": { "value": "30 Subsidiaries and other undertakings A full list of subsidiaries, branches, associated undertakings, and joint arrangements as at 30 June 2025 is detailed below. Unless stated otherwise, all undertakings are wholly owned and held indirectly by Kier Group plc. Subsidiaries
Registered Share % held
Company name
office
1
class(es) held by Group
2020
Liverpool Limited (dissolved 8 July 2025)
12
Ordinary
100%
A C Chesters & Son Limited
1
Ordinary
100%
Arena Central Developments LLP
1
\u2013
100%
Arena Central Management Limited
1
A Ordinary
100%
Caribbean Construction Company Limited
2
Ordinary
100%
Caxton Integrated Services Holdings Limited
(in liquidation)
12
Ordinary
100%
Clearbox Limited (formerly Wallis Limited)
1
Ordinary
100%
Dragon Lane Holdings 1 LLP
1
\u2013
100%
Dragon Lane Holdings 2 LLP
1
\u2013
100%
Dragon Lane LLP
1
\u2013
100%
Dudley Coles Limited
1
Ordinary
100%
FDT (Holdings) Ltd
1
Ordinary
100%
FDT Associates Ltd
1
Ordinary A
100%
Heart of Wales Property Services Limited
(in liquidation)
12
Ordinary
50%
J L Kier & Company (London) Limited
1
Ordinary
100%
J L Kier & Company Limited
1
Ordinary
100%
Kier (Catterick) Limited
1
A Ordinary
100%
B Ordinary
100%
Kier (Kent) PSP Limited
1
A Ordinary
100%
B Ordinary
100%
Kier (Malaysia) SDN. BHD. (in liquidation)
3
Ordinary
100%
Kier (Newcastle) Investment Ltd
1
Ordinary
100%
Kier (Newcastle) Operation Limited
1
Ordinary
100%
Kier (NR) Limited
1
Ordinary
100%
Kier Asset Partnership Services Limited
1
Ordinary
100%
Kier Benefits Limited
1
Ordinary
100%
25% 3
Registered Share % held
Company name
office
1
class(es) held by Group
Kier Build Limited
1
Ordinary
100%
Kier Business Services Limited
1
Ordinary
100%
Kier Caribbean and Industrial Limited
(dissolved 1 July 2025)
1
Ordinary
100%
Kier CB Limited
1
Ordinary
100%
Kier Commercial Investments Limited
1
Ordinary
100%
Kier Commercial UKSC Limited
1
Ordinary
100%
Kier Construction Limited
1
Ordinary
100%
Kier Construction Limited
4
Ordinary
100%
Kier Construction LLC
9
5
Ordinary
49%
Kier Construction SA
6
Ordinary
100%
Kier Developments Limited
1
A Ordinary
100%
B Ordinary
100%
C Ordinary
100%
Kier Dubai LLC
9
7
Ordinary
49%
Kier Education Investments Limited
1
B Ordinary
100%
M Ordinary
100%
Kier Education Services Limited
1
B Ordinary
100%
M Ordinary
100%
Kier Energy Solutions Limited
(dissolved 1 July 2025)
1
Ordinary
100%
Kier Ewan Limited
1
Ordinary
100%
Kier Facilities Services Limited
1
Ordinary
100%
Kier Finance & Treasury Holdings Limited
1
Ordinary
100%
Kier Finance Limited
1
Ordinary
100%
Kier Fleet Services Limited
1
Ordinary
100%
Kier Green Investments Limited
1
Ordinary
100%
Kier Group Trustees Limited
2
1
Ordinary
100%
Kier Harlow Limited (in liquidation)
12
Ordinary
100%
Kier Holdco 2 Limited (dissolved 1 July 2025)
1
Ordinary
100%
Kier Holdings Limited
1
Ordinary
100%
Irredeemable
preference
100%
Kier Infrastructure and Overseas Limited
1
Ordinary
100%
Registered Share % held
Company name
office
1
class(es) held by Group
Kier Infrastructure and Overseas Limited \u2013
Hong Kong Branch (in liquidation)
Kier Infrastructure and Overseas Limited \u2013
Jamaica Branch
Kier Infrastructure and Overseas Limited \u2013
Trinidad Branch
Kier Infrastructure Pty Ltd
8
Ordinary
100%
Kier Insurance Management Services Limited
(dissolved 1 July 2025)
1
Ordinary
100%
Kier Integrated Services (Estates) Limited
1
Ordinary
100%
Kier Integrated Services (Holdings) Limited
1
Ordinary
100%
Deferred
100%
Kier Integrated Services (Trustees) Limited
1
Ordinary
100%
Kier Integrated Services Group Limited
1
Ordinary
100%
Kier Integrated Services Limited
1
Ordinary
100%
Kier International (Investments) Limited
1
Ordinary
100%
Kier International Limited
1
Ordinary
100%
Kier International Limited \u2013 Jamaica Branch
Kier International Limited
9
Ordinary
100%
Kier Limited
2
1
Ordinary
100%
Kier Logistics (Knowsley) Ltd (formerly Kier PGIM
Logistics (Knowsley) Ltd)
1
Ordinary
100%
Kier Logistics Holdco Ltd
(formerly Kier PGIM Logistics Holdco Ltd)
1
Ordinary
100%
Kier Management Consulting Limited
1
Ordinary
100%
A Ordinary
100%
B Ordinary
100%
Kier MBS Limited
1
Ordinary
100%
Kier Midlands Limited
1
Ordinary
100%
Kier Minerals Limited
1
Ordinary
100%
Kier Mining Investments Limited (dissolved 1 July 2025)
1
Ordinary
100%
Kier National Limited
1
Ordinary
100%
Kier North Tyneside Limited
5
1
B Ordinary
100%
80%\u00b3 Registered Share % held Company name office1class(es) held by Group Kier Overseas (Nine) Limited 1 Ordinary 100% Kier Overseas (Seventeen) Limited 1 Ordinary 100% Kier Overseas (Twenty-Three) Limited 1 Ordinary 100% Kier Parkman Ewan Associates Limited 1 Ordinary A 100% Kier PGIM Logistics (Bracknell) Ltd (in liquidation) 1 Ordinary 100% Kier PGIM Logistics Propco 5 Ltd (in liquidation) 1 Ordinary 100% Kier PGIM Logistics Propco 7 Ltd (in liquidation) 1 Ordinary 100% Kier PGIM Logistics Propco 8 Ltd (in liquidation) 1 Ordinary 100% Kier Plant Limited 1 Ordinary 100% Kier Professional Services Limited 1 Ordinary 100% Kier Project Investment Limited 1 Ordinary 100% Kier Property Developments Limited 1 Ordinary 100% Kier Property Limited 1 Ordinary 100% Kier Property Management Company Limited 1 Ordinary 100% Kier Rail Limited 1 Ordinary 100% Kier Recycling CIC 1 Ordinary 100% Kier Services Limited 1 Ordinary 100% Kier Sharston Limited 1 Ordinary 100% Kier Sheffield LLP (in liquidation) 12 \u2013 80.1% Kier South East Limited (dissolved 1 July 2025) 1 Ordinary 100% Kier South Wokingham LLP 1 \u2013 100% Kier Southern Limited (in liquidation) 1 Ordinary 100% Kier Stoke Limited 1 Ordinary 100% Kier Sydenham Limited 1 Ordinary 100% Kier Traffic Support Limited (dissolved 1 July 2025) 1 Ordinary 100% Kier Transportal Limited (formerly Clearbox Limited) 1 Ordinary 100% Kier Transportation Limited 1 Ordinary 100% Kier UKSC LLP 1 \u2013 100% Kier Ventures Limited 1 Ordinary 100% Kier Ventures UKSC Limited 1 Ordinary 100% Kier York Street LLP 1 \u2013 100% Magnetic Limited 1 Ordinary 100%
Registered Share % held
Company name
office
1
class(es) held by Group
McNicholas Construction (Holdings) Limited
1
Ordinary
100%
McNicholas Construction Services Limited
1
Ordinary
100%
MRBL Limited
1
Ordinary A
100%
Ordinary B
100%
Deferred B
100%
Parkman Consultants Limited (dissolved 1 July 2025)
1
Ordinary
100%
Pure Recycling Warwick Limited
1
Ordinary A
100%
Ordinary B
100%
T Cartledge Limited (dissolved 1 July 2025)
1
Ordinary
100%
T H Construction Limited
1
Ordinary
100%
T J Brent Limited
1
Ordinary
100%
Ordinary B
100%
Ordinary C
100%
Tempsford Insurance Company Limited
2
10
Ordinary
100%
The Impact Partnership (Rochdale Borough) Limited
(in liquidation)
12
Ordinary
80.1%
Tor2 Limited (in liquidation)
12
PSP Shares
100%
80.01%\u00b3
TradeDirect Logistics Limited
1
Ordinary
100%
Turriff Contractors Limited
11
Ordinary
100%
Turriff Group Limited
11
Ordinary
100%
Ordinary A
100%
Ordinary B
100%
W. & C. French (Construction) Limited
1
Ordinary
100%
Wallis Western Limited (in liquidation)
12
Ordinary
100%
William Moss Construction Limited (in liquidation)
12
Ordinary
100%
William Moss Group Limited (The)
1
Ordinary
100%
1. See list of registered office details and explanatory notes on page 182. Listed below are subsidiaries controlled and consolidated by the Group, which under section 479A of the Companies Act 2006 (the \u2018Act\u2019) are exempt from the requirements of the Act relating to the audit of accounts.
Company
registration
Company name
number
Year-end
A C Chesters & Son Limited
02628570
30 June 2025
Arena Central Developments LLP
OC305452
30 June 2025
Dragon Lane Holdings 1 LLP
OC398919
30 June 2025
Dragon Lane Holdings 2 LLP
OC398920
30 June 2025
Dragon Lane LLP
OC398924
30 June 2025
FDT (Holdings) Ltd
04535855
30 June 2025
FDT Associates Ltd
03282705
30 June 2025
Kier (Catterick) Limited
07372563
30 June 2025
Kier (Newcastle) Investment Ltd
09978111
30 June 2025
Kier (Newcastle) Operation Limited
10609470
30 June 2025
Kier (NR) Limited
06648175
30 June 2025
Kier Asset Partnership Services Limited
06928701
30 June 2025
Kier Build Limited
01551959
30 June 2025
Kier Business Services Limited
03679828
30 June 2025
Kier Commercial Investments Limited
04002798
30 June 2025
Kier Developments Limited
04407754
30 June 2025
Kier Education Investments Limited
06458919
30 June 2025
Kier Education Services Limited
05457729
30 June 2025
Kier Ewan Limited
04182542
30 June 2025
Kier Finance & Treasury Holdings Limited
05887555
30 June 2025
Kier Finance Limited
05887689
30 June 2025
Kier Fleet Services Limited
02127113
30 June 2025
Kier Green Investments Limited
08922437
30 June 2025
Kier Holdings Limited
05887559
30 June 2025
Kier Integrated Services (Estates) Limited
00216679
30 June 2025
Kier Integrated Services (Holdings) Limited
04321657
30 June 2025
Kier Integrated Services (Trustees) Limited
03510967
30 June 2025
Kier Integrated Services Group Limited
02372311
30 June 2025
Company
registration
Company name
number
Year-end
Kier International (Investments) Limited
01463191
30 June 2025
Kier International Limited
00810557
30 June 2025
Kier Management Consulting Limited
02491619
30 June 2025
Kier MBS Limited
11632543
30 June 2025
Kier Minerals Limited
02099531
30 June 2025
Kier National Limited
02100338
30 June 2025
Kier Overseas (Nine) Limited
01531039
30 June 2025
Kier Overseas (Seventeen) Limited
01462100
30 June 2025
Kier Overseas (Twenty-Three) Limited
02127112
30 June 2025
Kier Parkman Ewan Associates Limited
03033421
30 June 2025
Kier Plant Limited
04233359
30 June 2025
Kier Professional Services Limited
08881783
30 June 2025
Kier Property Limited
04459403
30 June 2025
Kier Property Management Company Limited
06207623
30 June 2025
Kier Recycling CIC
03153490
30 June 2025
Kier South Wokingham LLP
OC451168
30 June 2025
Kier Stoke Limited
06391459
30 June 2025
Kier Sydenham Limited
08486944
30 June 2025
Kier Transportal Limited (formerly Clearbox Limited)
08658406
30 June 2025
Magnetic Limited
07775665
30 June 2025
McNicholas Construction Services Limited
01510892
30 June 2025
MRBL Limited
08177998
30 June 2025
Pure Recycling Warwick Limited
06436462
30 June 2025
T H Construction Limited
01532971
30 June 2025
TradeDirect Logistics Limited
11400572
30 June 2025
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