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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 2026
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
14 September 2026.
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 2025 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 185\u2013189.
Basis of preparation
The financial statements are presented in pounds sterling. They have been prepared
on the historical cost basis except for investment properties and defined benefit
pension plan assets, 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 2026 onwards:
\u2022 Amendments to IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 regarding
lack of foreign currency exchangeability
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
\u2022 IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019 new standard
and published amendments (not yet UK endorsed)
\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 regarding contracts referencing
nature-dependent electricity
\u2022 Amendments to IAS 21 (not yet UK endorsed) regarding translation to a
hyperinflationary presentation currency
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. There will be no material change to Kier\u2019s brought
forward cash balance at 1 July 2026 as a result of these amendments to IFRS 9.
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 assessing the appropriateness of the going concern basis of preparation, the
Directors have considered the Group\u2019s ability to continue in operational existence
through to 31 December 2027, being at least 12 months from the date of approval of
these financial statements.
The assessment included a review of cash flow forecasts across all divisions, recent
trading performance, forecast accuracy, available financing facilities, expected
covenant compliance and the strength of the Group\u2019s order book. At 30 June 2026, the
Group\u2019s order book totalled \u00a311.9bn, providing strong visibility of secured and probable
future work throughout the assessment period.
The Group benefits from a robust funding structure, comprising committed facilities of
\u00a3440m, including a \u00a3190m Revolving Credit Facility available until October 2028, with an
option to extend to October 2030, and \u00a3250m of Senior Notes maturing in February 2029.
The Directors considered a range of severe but plausible downside scenarios, including
reductions in trading activity, project-specific challenges, inflationary pressures,
subcontractor insolvency, changes in interest rates and the potential impact of emerging
regulatory requirements. The assessment also reflected the ability of management
to implement appropriate mitigating actions where necessary.
In addition, reverse stress testing was performed to determine the extent of deterioration
required to exhaust available liquidity or breach financial covenants. The analysis
demonstrated that a significantly more severe combination of adverse events than
those considered plausible would be required before liquidity or covenant headroom
was eliminated. The Directors therefore consider such outcomes to be remote.
The Directors also considered wider macroeconomic and political risks. The Group\u2019s
forecasts are supported by a substantial proportion of revenue that is either secured
or highly probable, much of which arises through long-term framework agreements.
The Group operates in essential infrastructure and public service sectors, including
transport, water, energy, justice, healthcare and education, which continue to benefit
from long-term Government investment commitments, including those set out in the
UK\u2019s 10-Year Infrastructure Strategy.
While inflation remains a factor within both the supply chain and labour market, the
Group\u2019s contract portfolio provides significant protection, with approximately 95%
of contracts being delivered under two-stage or cost-reimbursable arrangements.
The Directors have also considered the impact of climate change. No material
short term physical climate-related risks have been identified. Over the medium term,
the Group expects the transition to a lower-carbon economy to create additional
opportunities across sustainable infrastructure, water management, environmental
services and nuclear projects. Accordingly, climate change is not expected to have
a material adverse impact on the Group\u2019s ability to continue as a going concern.
Having reviewed the Group\u2019s forecasts, downside scenarios and reverse stress testing,
the Directors are satisfied that the Group is expected to maintain substantial liquidity
headroom and remain compliant with its financial covenants throughout the going
concern period.
Accordingly, the Directors conclude that the Group has adequate resources to meet
its obligations as they fall due for at least 12 months from the date of approval of these
financial statements. The Directors have not identified any material uncertainties that
may cast significant doubt on the Group\u2019s ability to continue as a going concern and
therefore continue to adopt the going concern basis in preparing these financial
statements.
Climate-related matters
As reported in the TCFD report (on pages 46\u201350) and the principal risks on page 59,
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 2026.
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 \u00a3nil, following which no further losses are recognised.
The Group\u2019s 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 is 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 are identified. 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 a 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.
Some construction contracts have pre-construction services agreements (PCSAs),
prior to the main works contract. They are detailed design and costed proposals
enabling the customer to approve a business case, that if delivered successfully
fulfils the PCSA gateway and leads to a main works phase being granted. Each PCSA
is accounted for as a single performance obligation, as the bundled services provided
under the arrangement are highly interrelated. Revenue is recognised over time since
PCSA activities are service based and the customer receives the benefit of design
development, planning, procurement support, programme input and related
pre-construction outputs as those services are performed.
(b) Services
Revenue and profit from services rendered, which include facilities management,
transportation network maintenance and utilities maintenance, are 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 191.
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: an asset is created that can be identified;
it is probable that the asset created will generate future economic benefits; and 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 operates a Green Car scheme, which enables employees to lease electric
vehicles via a salary sacrifice scheme. The Group enters into a lease with the provider
of the vehicle and enters into a separate agreement with the employee, under which
the leased car is made available to the employee in return for a reduction in the
employee\u2019s salary. The Group\u2019s accounting policy is to treat these salary sacrifice
agreements as sub-leases because they convey to the employees the right to control
the use of an identified asset for a period of time in exchange for consideration.
The Group also 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).
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 property is not
being actively developed, net rental income and finance costs are taken to the income
statement. Land and properties are transferred from inventories to investment properties
when they are no longer being actively developed with a view to sale and are being
held for earning rentals and/or for capital appreciation.
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.
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 2026, the Group has included estimated
recoveries from customers and other third parties with a combined net value of \u00a393.5m
(2025: \u00a381.0m). 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 \u00a317.1m (2025: \u00a317.3m) to a downside of \u00a312.8m (2025: \u00a313.0m).
Over 370 construction contracts (2025: over 400) were income generating during the
year within the Group\u2019s Construction and Infrastructure operating divisions. Of these,
one (2025: one) individually had a material impact on operating profit.
The key judgements and estimates relating to determining the revenue and profit of
material contracts are: costs to complete; achieving the planned build programme;
and 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 240 sites (2025: 275) each
year with an average project size of \u00a322.2m (2025: \u00a319.7m) and with average revenue in
the year of \u00a36.2m (2025: \u00a35.6m). 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 mean there can be a greater level of estimation and uncertainty. The blended
portfolio risk of the overall Construction business is mitigated by the relative sizes of
the Regional Build, Strategic Projects and NRNN businesses.
Construction revenue for the year was \u00a32.0bn (2025: \u00a31.9bn) with an associated
adjusted operating profit margin of 3.9% (2025: 3.9%).
The historical profit margins in the Construction businesses typically range from
3.6% to 4.2%. A potential downside risk in margin would be 0.3% (2025: 0.3%). 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 \u00a35.9m (2025: \u00a35.7m).
In addition, the Group has a number of ongoing contracts where lifecycle funds are
established to meet contractual obligations. At 30 June 2026 the carrying value of
these non-current contract assets was \u00a357.0m (2025: \u00a357.0m). The key sensitivity in the
calculation is the percentage of the funds build-up required for future maintenance.
A 10% increase/decrease in the costs to complete would result in a profit decrease of
\u00a38.0m/profit increase of \u00a38.8m 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.
Other accounting judgements and estimates
(c) 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 2026,
the value of land and work in progress held for development, included in inventory on
the balance sheet, was \u00a352.2m (2025: \u00a348.8m).
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.
(d) 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 2026 the Group had a provision of \u00a345.6m (2025: \u00a332.2m) 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 \u00a34.6m.
(e) 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.
(f) 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 \u00a390.5m (2025: \u00a3100.2m)
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 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 \u00a3203.5m (2025: \u00a3173.6m). Management is experienced in RDEC claims and
is assisted by external advisers. However, if qualifying spend was to reduce by 10%,
this would result in a decrease in RDEC income of \u00a34.1m (2025: \u00a33.5m).
(g) 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 140.
Determining whether an item is classified as an adjusting item requires judgement.
Total adjusting items, excluding tax, of \u00a352.6m were charged to the income statement
in respect of continuing operations for the year ended 30 June 2026 (2025: \u00a347.3m). 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-408": { "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 2026 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 14 September 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-8": { "value": "Kier Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-9": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-10": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-405": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-406": { "value": "UK", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-409": { "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 2025 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 185\u2013189. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-497": { "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 and defined benefit pension plan assets, 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 2026 onwards: \u2022 Amendments to IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 regarding lack of foreign currency exchangeability 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 \u2022 IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019 new standard and published amendments (not yet UK endorsed) \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 regarding contracts referencing nature-dependent electricity \u2022 Amendments to IAS 21 (not yet UK endorsed) regarding translation to a hyperinflationary presentation currency 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. There will be no material change to Kier\u2019s brought forward cash balance at 1 July 2026 as a result of these amendments to IFRS 9. 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-410": { "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 and defined benefit pension plan assets, 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 2026 onwards: \u2022 Amendments to IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 regarding lack of foreign currency exchangeability 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 \u2022 IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019 new standard and published amendments (not yet UK endorsed) \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 regarding contracts referencing nature-dependent electricity \u2022 Amendments to IAS 21 (not yet UK endorsed) regarding translation to a hyperinflationary presentation currency 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. There will be no material change to Kier\u2019s brought forward cash balance at 1 July 2026 as a result of these amendments to IFRS 9. 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-461": { "value": "The financial statements are presented in pounds sterling.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-462": { "value": "The following amendments to standards are effective for the financial year ended 30 June 2026 onwards: \u2022 Amendments to IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 regarding lack of foreign currency exchangeability 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-463": { "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 \u2022 IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019 new standard and published amendments (not yet UK endorsed) \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 regarding contracts referencing nature-dependent electricity \u2022 Amendments to IAS 21 (not yet UK endorsed) regarding translation to a hyperinflationary presentation currency 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. There will be no material change to Kier\u2019s brought forward cash balance at 1 July 2026 as a result of these amendments to IFRS 9. 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-411": { "value": "Going concern In assessing the appropriateness of the going concern basis of preparation, the Directors have considered the Group\u2019s ability to continue in operational existence through to 31 December 2027, being at least 12 months from the date of approval of these financial statements. The assessment included a review of cash flow forecasts across all divisions, recent trading performance, forecast accuracy, available financing facilities, expected covenant compliance and the strength of the Group\u2019s order book. At 30 June 2026, the Group\u2019s order book totalled \u00a311.9bn, providing strong visibility of secured and probable future work throughout the assessment period. The Group benefits from a robust funding structure, comprising committed facilities of \u00a3440m, including a \u00a3190m Revolving Credit Facility available until October 2028, with an option to extend to October 2030, and \u00a3250m of Senior Notes maturing in February 2029. The Directors considered a range of severe but plausible downside scenarios, including reductions in trading activity, project-specific challenges, inflationary pressures, subcontractor insolvency, changes in interest rates and the potential impact of emerging regulatory requirements. The assessment also reflected the ability of management to implement appropriate mitigating actions where necessary. In addition, reverse stress testing was performed to determine the extent of deterioration required to exhaust available liquidity or breach financial covenants. The analysis demonstrated that a significantly more severe combination of adverse events than those considered plausible would be required before liquidity or covenant headroom was eliminated. The Directors therefore consider such outcomes to be remote. The Directors also considered wider macroeconomic and political risks. The Group\u2019s forecasts are supported by a substantial proportion of revenue that is either secured or highly probable, much of which arises through long-term framework agreements. The Group operates in essential infrastructure and public service sectors, including transport, water, energy, justice, healthcare and education, which continue to benefit from long-term Government investment commitments, including those set out in the UK\u2019s 10-Year Infrastructure Strategy. While inflation remains a factor within both the supply chain and labour market, the Group\u2019s contract portfolio provides significant protection, with approximately 95% of contracts being delivered under two-stage or cost-reimbursable arrangements. The Directors have also considered the impact of climate change. No material short term physical climate-related risks have been identified. Over the medium term, the Group expects the transition to a lower-carbon economy to create additional opportunities across sustainable infrastructure, water management, environmental services and nuclear projects. Accordingly, climate change is not expected to have a material adverse impact on the Group\u2019s ability to continue as a going concern. Having reviewed the Group\u2019s forecasts, downside scenarios and reverse stress testing, the Directors are satisfied that the Group is expected to maintain substantial liquidity headroom and remain compliant with its financial covenants throughout the going concern period. Accordingly, the Directors conclude that the Group has adequate resources to meet its obligations as they fall due for at least 12 months from the date of approval of these financial statements. The Directors have not identified any material uncertainties that may cast significant doubt on the Group\u2019s ability to continue as a going concern and therefore continue to adopt the going concern basis in preparing these financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-412": { "value": "Climate-related matters As reported in the TCFD report (on pages 46\u201350) and the principal risks on page 59, 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-413": { "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 2026. 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 \u00a3nil, following which no further losses are recognised. The Group\u2019s 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-464": { "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 2026. 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-498": { "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 \u00a3nil, following which no further losses are recognised. The Group\u2019s 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-465": { "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 \u00a3nil, following which no further losses are recognised. The Group\u2019s 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-414": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-415": { "value": "Revenue and profit recognition Revenue from contracts with customers is recognised when control of the goods or services is 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 are identified. 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 a 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. Some construction contracts have pre-construction services agreements (PCSAs), prior to the main works contract. They are detailed design and costed proposals enabling the customer to approve a business case, that if delivered successfully fulfils the PCSA gateway and leads to a main works phase being granted. Each PCSA is accounted for as a single performance obligation, as the bundled services provided under the arrangement are highly interrelated. Revenue is recognised over time since PCSA activities are service based and the customer receives the benefit of design development, planning, procurement support, programme input and related pre-construction outputs as those services are performed. (b) Services Revenue and profit from services rendered, which include facilities management, transportation network maintenance and utilities maintenance, are 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-416": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-417": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-418": { "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 191. ", "dimensions": { "concept": "kiergroupplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-517": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-499": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-466": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-419": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-467": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-420": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-500": { "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: an asset is created that can be identified; it is probable that the asset created will generate future economic benefits; and 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-468": { "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: an asset is created that can be identified; it is probable that the asset created will generate future economic benefits; and 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-421": { "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: an asset is created that can be identified; it is probable that the asset created will generate future economic benefits; and 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-469": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-422": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-423": { "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 operates a Green Car scheme, which enables employees to lease electric vehicles via a salary sacrifice scheme. The Group enters into a lease with the provider of the vehicle and enters into a separate agreement with the employee, under which the leased car is made available to the employee in return for a reduction in the employee\u2019s salary. The Group\u2019s accounting policy is to treat these salary sacrifice agreements as sub-leases because they convey to the employees the right to control the use of an identified asset for a period of time in exchange for consideration. The Group also 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-424": { "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). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-425": { "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 property is not being actively developed, net rental income and finance costs are taken to the income statement. Land and properties are transferred from inventories to investment properties when they are no longer being actively developed with a view to sale and are being held for earning rentals and/or for capital appreciation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-426": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-427": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-428": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-429": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-430": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-431": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-432": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-433": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-501": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-470": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-471": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-472": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-434": { "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 2026, the Group has included estimated recoveries from customers and other third parties with a combined net value of \u00a393.5m (2025: \u00a381.0m). 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 \u00a317.1m (2025: \u00a317.3m) to a downside of \u00a312.8m (2025: \u00a313.0m). Over 370 construction contracts (2025: over 400) were income generating during the year within the Group\u2019s Construction and Infrastructure operating divisions. Of these, one (2025: one) individually had a material impact on operating profit. The key judgements and estimates relating to determining the revenue and profit of material contracts are: costs to complete; achieving the planned build programme; and 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 240 sites (2025: 275) each year with an average project size of \u00a322.2m (2025: \u00a319.7m) and with average revenue in the year of \u00a36.2m (2025: \u00a35.6m). 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 mean there can be a greater level of estimation and uncertainty. The blended portfolio risk of the overall Construction business is mitigated by the relative sizes of the Regional Build, Strategic Projects and NRNN businesses. Construction revenue for the year was \u00a32.0bn (2025: \u00a31.9bn) with an associated adjusted operating profit margin of 3.9% (2025: 3.9%). The historical profit margins in the Construction businesses typically range from 3.6% to 4.2%. A potential downside risk in margin would be 0.3% (2025: 0.3%). 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 \u00a35.9m (2025: \u00a35.7m). In addition, the Group has a number of ongoing contracts where lifecycle funds are established to meet contractual obligations. At 30 June 2026 the carrying value of these non-current contract assets was \u00a357.0m (2025: \u00a357.0m). The key sensitivity in the calculation is the percentage of the funds build-up required for future maintenance. A 10% increase/decrease in the costs to complete would result in a profit decrease of \u00a38.0m/profit increase of \u00a38.8m 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. Other accounting judgements and estimates (c) 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 2026, the value of land and work in progress held for development, included in inventory on the balance sheet, was \u00a352.2m (2025: \u00a348.8m). 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. (d) 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 2026 the Group had a provision of \u00a345.6m (2025: \u00a332.2m) 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 \u00a34.6m. (e) 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. (f) 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 \u00a390.5m (2025: \u00a3100.2m) 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 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 \u00a3203.5m (2025: \u00a3173.6m). Management is experienced in RDEC claims and is assisted by external advisers. However, if qualifying spend was to reduce by 10%, this would result in a decrease in RDEC income of \u00a34.1m (2025: \u00a33.5m). (g) 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 140. Determining whether an item is classified as an adjusting item requires judgement. Total adjusting items, excluding tax, of \u00a352.6m were charged to the income statement in respect of continuing operations for the year ended 30 June 2026 (2025: \u00a347.3m). 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-435": { "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
The Group derives revenue from capital infrastructure projects as well as the maintenance
of infrastructure assets across various sectors including highways, rail, water and gas.
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 and 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 revenue is 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 2026
2029
2027 2028 onwards
\u00a3m \u00a3m \u00a3m
Infrastructure
1,800.4
1,210.5
1,359.7
Construction
1,638.7
656.6
155.4
Total transaction price allocated to remaining
performance obligations
3,439.1
1,867.1
1,515.1
At 30 June 2025
2028
2026 2027 onwards
\u00a3m \u00a3m \u00a3m
Infrastructure
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
No revenue was linked to future related performance obligations in the Property
segment (2025: \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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-473": { "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 The Group derives revenue from capital infrastructure projects as well as the maintenance of infrastructure assets across various sectors including highways, rail, water and gas. 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 and 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 revenue is 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 2026
2029
2027 2028 onwards
\u00a3m \u00a3m \u00a3m
Infrastructure
1,800.4
1,210.5
1,359.7
Construction
1,638.7
656.6
155.4
Total transaction price allocated to remaining
performance obligations
3,439.1
1,867.1
1,515.1
At 30 June 2025
2028
2026 2027 onwards
\u00a3m \u00a3m \u00a3m
Infrastructure
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
No revenue was linked to future related performance obligations in the Property segment (2025: \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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-436": { "value": "
3 Segmental reporting
The Group operates three divisions: Infrastructure, 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 16\u201320. 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.
2026
2025
Infrastructure Construction Property Corporate Group Infrastructure Construction Property Corporate Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
Revenue
1
Group revenue including share of joint ventures
2,340.1
1,986.8
63.4
2.7
4,393.0
2,136.0
1,910.5
38.4
2.9
4,087.8
Less share of joint ventures
(0 . 8 )
\u2013
(39.7)
\u2013
(40.5)
(1.3)
\u2013
(9.4)
\u2013
(10.7)
Group revenue
2,339.3
1,986.8
23.7
2.7
4,352.5
2,134.7
1,910.5
29.0
2.9
4,077.1
Timing of revenue
1
Products and services transferred at a point in time
7.4
\u2013
29.3
\u2013
36.7
6.9
\u2013
33.1
\u2013
40.0
Products and services transferred over time
2,332.7
1,986.8
34.1
2.7
4,356.3
2,129.1
1,910.5
5.3
2.9
4,047.8
Group revenue including share of joint ventures
2,340.1
1,986.8
63.4
2.7
4,393.0
2,136.0
1,910.5
38.4
2.9
4,087.8
Profit/(loss) for the year
Adjusted operating profit/(loss)
2
128.7
76.5
9.1
(44.5)
169.8
111.0
75.0
12.2
(39.1)
159.1
Adjusting items
2
(1 8 . 9 )
(32.2)
\u2013
\u2013
(51.1)
(21.5)
(20.1)
\u2013
(3.8)
(45.4)
Operating profit/(loss)
109.8
44.3
9.1
(44.5)
118.7
89.5
54.9
12.2
(42.9)
113.7
Net finance income/(costs)
3
8.6
16.3
(7.5)
(52.3)
(34.9)
6.7
4.4
(5.9)
(40.8)
(35.6)
Profit/(loss) before tax
118.4
60.6
1.6
(96.8)
83.8
96.2
59.3
6.3
(83.7)
78.1
Taxation
(22.0)
(21.7)
Profit for the year
61.8
56.4
Balance sheet
Operating assets
4
1,044.0
361.7
319.1
309.7
2,034.5
920.8
351.0
297.0
294.3
1,863.1
Operating liabilities
4
(641 .6 )
(893.0)
(14.8)
(206.1)
(1,755.5)
(511.9)
(788.5)
(37.0)
(212.6)
(1,550.0)
Net operating assets/(liabilities)
4
402.4
(531.3)
304.3
103.6
279.0
408.9
(437.5)
260.0
81.7
313.1
Cash, cash equivalents, bank overdrafts and borrowings
675.6
906.2
(187.9)
(1,161.5)
232.4
642.6
757.4
(225.2)
(970.7)
204.1
Net assets/(liabilities)
1,078.0
374.9
116.4
(1,057.9)
511.4
1,051.5
319.9
34.8
(889.0)
517.2
Other information
Inter-segmental revenue
6.0
3.5
\u2013
37.6
47.1
11.2
3.5
\u2013
40.2
54.9
Capital expenditure on property, plant, equipment and
intangible assets
2.1
1.4
\u2013
6.5
10.0
2.2
1.0
\u2013
13.3
16.5
Depreciation of property, plant and equipment
(0 .5 )
(0.6)
(0.2)
(4.9)
(6.2)
(0.5)
(0.2)
(0.2)
(4.7)
(5.6)
Amortisation of computer software
(1 .2 )
(3.4)
\u2013
(6.4)
(11.0)
(1.7)
(0.8)
\u2013
(11.1)
(13.6)
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 (2025: 16%).
Group revenue including joint ventures is an alternative performance measure, see page 191.
2. See notes 1 and 5 for adjusting items.
3. Interest was (charged)/credited to the divisions at a notional rate of 4.0% (2025: 4.0%).
4. Net operating assets/(liabilities) represent assets excluding cash, cash equivalents, bank overdrafts,
borrowings and interest-bearing inter-company loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-437": { "value": "
4 Operating profit
Operating profit is stated after charging/(crediting):
2026 2025
Note \u00a3m \u00a3m
Amortisation of intangible assets
13
30.0
35.2
Depreciation of property, plant and equipment
14
6.2
5.6
Loss on sale of property, plant and equipment
and right-of-use assets
0.9
0.4
Depreciation of right-of-use assets
22
47.8
46.1
Fair value adjustment to investment properties
15
(12.3)
(7.6)
Services provided by the Group\u2019s auditors
2026 2025
\u00a3m \u00a3m
Fees payable for the audit of the parent company and
consolidated financial statements
1
2.9
2.9
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
0.4
0.2
1. The auditors\u2019 remuneration relates to amounts paid to PricewaterhouseCoopers LLP (PwC). In addition,
audit fees of \u00a30.1m for prior year work were recorded during the year (2025: \u00a30.2m).
2. A summary of other services provided by PwC during the year is provided on page 77. In 2026, the fees
relating to other assurance services include \u00a3190,000 for the review of the interim statements (2025: \u00a3185,000).
Also included is \u00a39,000 (2025: \u00a39,000) for a subscription service providing factual updates and changes to
applicable law, regulation or accounting and auditing standards. The 2026 fees include finance-related
verification work of \u00a3186,500.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-502": { "value": "4 Operating profit Operating profit is stated after charging/(crediting):
2026 2025
Note \u00a3m \u00a3m
Amortisation of intangible assets
13
30.0
35.2
Depreciation of property, plant and equipment
14
6.2
5.6
Loss on sale of property, plant and equipment
and right-of-use assets
0.9
0.4
Depreciation of right-of-use assets
22
47.8
46.1
Fair value adjustment to investment properties
15
(12.3)
(7.6)
Services provided by the Group\u2019s auditors
2026 2025
\u00a3m \u00a3m
Fees payable for the audit of the parent company and
consolidated financial statements
1
2.9
2.9
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
0.4
0.2
1. The auditors\u2019 remuneration relates to amounts paid to PricewaterhouseCoopers LLP (PwC). In addition, audit fees of \u00a30.1m for prior year work were recorded during the year (2025: \u00a30.2m). 2. A summary of other services provided by PwC during the year is provided on page 77. In 2026, the fees relating to other assurance services include \u00a3190,000 for the review of the interim statements (2025: \u00a3185,000). Also included is \u00a39,000 (2025: \u00a39,000) for a subscription service providing factual updates and changes to applicable law, regulation or accounting and auditing standards. The 2026 fees include finance-related verification work of \u00a3186,500.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-474": { "value": "4 Operating profit Operating profit is stated after charging/(crediting):
2026 2025
Note \u00a3m \u00a3m
Amortisation of intangible assets
13
30.0
35.2
Depreciation of property, plant and equipment
14
6.2
5.6
Loss on sale of property, plant and equipment
and right-of-use assets
0.9
0.4
Depreciation of right-of-use assets
22
47.8
46.1
Fair value adjustment to investment properties
15
(12.3)
(7.6)
Services provided by the Group\u2019s auditors
2026 2025
\u00a3m \u00a3m
Fees payable for the audit of the parent company and
consolidated financial statements
1
2.9
2.9
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
0.4
0.2
1. The auditors\u2019 remuneration relates to amounts paid to PricewaterhouseCoopers LLP (PwC). In addition, audit fees of \u00a30.1m for prior year work were recorded during the year (2025: \u00a30.2m). 2. A summary of other services provided by PwC during the year is provided on page 77. In 2026, the fees relating to other assurance services include \u00a3190,000 for the review of the interim statements (2025: \u00a3185,000). Also included is \u00a39,000 (2025: \u00a39,000) for a subscription service providing factual updates and changes to applicable law, regulation or accounting and auditing standards. The 2026 fees include finance-related verification work of \u00a3186,500.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-438": { "value": "
5 Adjusting items
(a) Reconciliation to adjusted profit
2026
2025
Adjusting Adjusting
Adjusted items Total Adjusted items Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
Group revenue
4,352.5
\u2013
4,352.5
4,077.1
\u2013
4,077.1
Cost of sales
(3,941.1)
(30.9)
(3,972.0)
(3,727.3)
(19.0)
(3,746.3)
Gross profit
411.4
(30.9)
380.5
349.8
(19.0)
330.8
Administrative expenses
(248.3)
(20.2)
(268.5)
(197.6)
(25.6)
(223.2)
Share of post-tax
results of joint ventures
(5.6)
\u2013
(5.6)
(1.5)
\u2013
(1.5)
Other income
12.3
\u2013
12.3
8.4
(0.8)
7.6
Operating profit
169.8
(51.1)
118.7
159.1
(45.4)
113.7
Net finance charges
(33.4)
(1.5)
(34.9)
(33.7)
(1.9)
(35.6)
Profit before tax
136.4
(52.6)
83.8
125.4
(47.3)
78.1
Taxation
(34.0)
12.0
(22.0)
(30.2)
8.5
(21.7)
Profit for the year
102.4
(40.6)
61.8
95.2
(38.8)
56.4
Adjusting items include:
\u2022 Cost of sales \u2013 consists of fire and cladding compliance costs of \u00a330.9m
(2025: \u00a317.0m) incurred in rectifying legacy issues to comply with the latest
Government guidance. The net charge of \u00a330.9m includes a credit of \u00a36.2m
(2025: \u00a38.7m) in respect of insurance proceeds.
\u2022 Administrative expenses \u2013 includes amortisation of acquired intangible assets
of \u00a319.0m (2025: \u00a321.6m) comprising amortised contract rights arising from prior
year acquisitions. In addition, \u00a31.2m has been included in relation to central costs
incurred in managing fire and cladding claims.
\u2022 Net finance charges \u2013 these relate to IFRS 16 interest charges on leased investment
properties previously used as offices.
\u2022 Taxation \u2013 the taxation credit of \u00a312.0m (2025: \u00a38.5m) is the tax effect of the items
described above.
(b) Cash outflow from adjusting items
2026 2025
\u00a3m \u00a3m
Adjusting items reported in the income statement
52.6
47.3
Less: non-cash items incurred in the year
(42.1)
(38.4)
Add: payment of prior year accruals and provisions
9.2
8.9
Cash outflow from adjusting items
19.7
17.8
", "dimensions": { "concept": "kiergroupplc:DisclosureOfAdjustingItems", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-475": { "value": "
6 Other income
2026 2025
Note \u00a3m \u00a3m
Fair value gain on investment properties
15
12.3
7.6
Other income
12.3
7.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-439": { "value": "6 Other income
2026 2025
Note \u00a3m \u00a3m
Fair value gain on investment properties
15
12.3
7.6
Other income
12.3
7.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-440": { "value": "
7 Finance income and costs
2026 2025
\u00a3m \u00a3m
Finance income
Bank deposits
3.6
3.6
Interest receivable on loans to related parties
0.4
0.1
Net interest on net defined benefit obligation
2.7
4.3
Interest receivable on leases
1.0
\u2013
7.7
8.0
Finance costs
Interest payable on loans and overdrafts
(6.0)
(8.3)
Interest payable on bonds
(22.5)
(22.5)
Interest payable on leases
(10.4)
(9.1)
Foreign exchange movements on foreign
denominated borrowings
\u2013
(0.5)
Fair value movements on cash flow hedges recycled from
other comprehensive income
\u2013
0.2
Other
(3.7)
(3.4)
(42.6)
(43.6)
Net finance costs
(34.9)
(35.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-526": { "value": "7 Finance income and costs
2026 2025
\u00a3m \u00a3m
Finance income
Bank deposits
3.6
3.6
Interest receivable on loans to related parties
0.4
0.1
Net interest on net defined benefit obligation
2.7
4.3
Interest receivable on leases
1.0
\u2013
7.7
8.0
Finance costs
Interest payable on loans and overdrafts
(6.0)
(8.3)
Interest payable on bonds
(22.5)
(22.5)
Interest payable on leases
(10.4)
(9.1)
Foreign exchange movements on foreign
denominated borrowings
\u2013
(0.5)
Fair value movements on cash flow hedges recycled from
other comprehensive income
\u2013
0.2
Other
(3.7)
(3.4)
(42.6)
(43.6)
Net finance costs
(34.9)
(35.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-523": { "value": "7 Finance income and costs
2026 2025
\u00a3m \u00a3m
Finance income
Bank deposits
3.6
3.6
Interest receivable on loans to related parties
0.4
0.1
Net interest on net defined benefit obligation
2.7
4.3
Interest receivable on leases
1.0
\u2013
7.7
8.0
Finance costs
Interest payable on loans and overdrafts
(6.0)
(8.3)
Interest payable on bonds
(22.5)
(22.5)
Interest payable on leases
(10.4)
(9.1)
Foreign exchange movements on foreign
denominated borrowings
\u2013
(0.5)
Fair value movements on cash flow hedges recycled from
other comprehensive income
\u2013
0.2
Other
(3.7)
(3.4)
(42.6)
(43.6)
Net finance costs
(34.9)
(35.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-518": { "value": "7 Finance income and costs
2026 2025
\u00a3m \u00a3m
Finance income
Bank deposits
3.6
3.6
Interest receivable on loans to related parties
0.4
0.1
Net interest on net defined benefit obligation
2.7
4.3
Interest receivable on leases
1.0
\u2013
7.7
8.0
Finance costs
Interest payable on loans and overdrafts
(6.0)
(8.3)
Interest payable on bonds
(22.5)
(22.5)
Interest payable on leases
(10.4)
(9.1)
Foreign exchange movements on foreign
denominated borrowings
\u2013
(0.5)
Fair value movements on cash flow hedges recycled from
other comprehensive income
\u2013
0.2
Other
(3.7)
(3.4)
(42.6)
(43.6)
Net finance costs
(34.9)
(35.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-503": { "value": "7 Finance income and costs
2026 2025
\u00a3m \u00a3m
Finance income
Bank deposits
3.6
3.6
Interest receivable on loans to related parties
0.4
0.1
Net interest on net defined benefit obligation
2.7
4.3
Interest receivable on leases
1.0
\u2013
7.7
8.0
Finance costs
Interest payable on loans and overdrafts
(6.0)
(8.3)
Interest payable on bonds
(22.5)
(22.5)
Interest payable on leases
(10.4)
(9.1)
Foreign exchange movements on foreign
denominated borrowings
\u2013
(0.5)
Fair value movements on cash flow hedges recycled from
other comprehensive income
\u2013
0.2
Other
(3.7)
(3.4)
(42.6)
(43.6)
Net finance costs
(34.9)
(35.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-476": { "value": "7 Finance income and costs
2026 2025
\u00a3m \u00a3m
Finance income
Bank deposits
3.6
3.6
Interest receivable on loans to related parties
0.4
0.1
Net interest on net defined benefit obligation
2.7
4.3
Interest receivable on leases
1.0
\u2013
7.7
8.0
Finance costs
Interest payable on loans and overdrafts
(6.0)
(8.3)
Interest payable on bonds
(22.5)
(22.5)
Interest payable on leases
(10.4)
(9.1)
Foreign exchange movements on foreign
denominated borrowings
\u2013
(0.5)
Fair value movements on cash flow hedges recycled from
other comprehensive income
\u2013
0.2
Other
(3.7)
(3.4)
(42.6)
(43.6)
Net finance costs
(34.9)
(35.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-441": { "value": "
8 Information relating to Directors and employees
2026 2025
No. No.
Monthly average number of people employed during the year
including Executive Directors by segment was:
Infrastructure
6,032
6,000
Construction
3,798
3,772
Property
77
73
Corporate
545
516
10,452
10,361
Five employees are located outside of the UK (2025: six).
2026 2025
Note \u00a3m \u00a3m
Group staff costs by segment are as follows:
Infrastructure
463.0
427.9
Construction
314.9
300.6
Property
13.8
13.5
Corporate
61.4
53.4
853.1
795.4
Comprising:
Wages and salaries
718.0
677.0
Social security costs
86.6
75.2
Defined benefit pension scheme net credit
to the income statement
9
(0.6)
(2.2)
Contributions to defined contribution
pension schemes
37.9
36.5
Share-based payments charge
25
11.2
8.9
853.1
795.4
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 85\u2013117.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-442": { "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 two (2025: 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 2026 in respect of
the Group\u2019s defined benefit pension schemes amounted to \u00a35.2m (2025: \u00a37.0m), which
included past service deficit contributions of \u00a35.2m (2025: \u00a36.9m) and current service
employer contributions of \u00a3nil (2025: \u00a30.1m).
The Group agreed revised deficit recovery plans with the Trustees of the Kier Group
scheme, May Gurney scheme and Mouchel schemes in April and May 2026 and
agreed the latest schedule of contributions for the McNicholas scheme in February 2024.
Based on these contribution plans, the Group expects to make the following contributions
in future years:
2027 2028 2029 2030 2031
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deficit contributions
6.1
5.2
5.2
5.2
0.4
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 \u00a30.7m (2025: \u00a30.8m) in respect of the running and
administration of the defined benefit schemes, with a further \u00a32.1m (2025: \u00a32.0m)
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 \u00a337.9m (2025: \u00a336.5m) 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 11 years
(2025: 12 years).
The IAS 19 accounting valuations at 30 June 2026 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.
2026 2025
% %
Discount rate
5.75
5.50
Inflation rate - Retail Price Index (RPI)
2.95
2.90
Inflation rate - Consumer Price Index (CPI)
2.45\u20132.75
2.20\u20132.65
Rate of general increases in pensionable salaries
2.95
2.90
Rate of increase in pensions payments liable
for Limited Price Indexation
\u2014 RPI subject to minimum of 0% and a maximum 5%
2.85
2.80
\u2014 RPI subject to minimum of 0% and a maximum 2.5%
1.95
1.90
The mortality assumptions used were as follows:
2026
2025
Male Female Male Female
years years years years
Life expectancy from age 65,
currently aged 65
\u2014 Kier Group scheme
22.4
24.1
21.6
23.5
\u2014 Acquired schemes
20.4\u201322.7
23.5\u201324.2
20.4\u201322.0
22.9\u201324.0
Life expectancy from age 65,
currently aged 45
\u2014 Kier Group scheme
23.4
25.0
22.7
24.6
\u2014 Acquired schemes
21.6\u201323.7
24.6\u201325.6
21.7\u201322.9
24.3\u201325.4
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:
2026
2025
Kier Acquired Kier Acquired
Group schemes Total Group schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening net surplus/(deficit)
68.7
(21.5)
47.2
96.9
(16.4)
80.5
Current service cost
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
Administration expenses
(1.9)
(0.2)
(2.1)
(1.8)
(0.2)
(2.0)
Net interest on net defined
benefit surplus
3.7
(1.0)
2.7
4.9
(0.6)
4.3
Total income/(expense)
recognised in the
income statement
1.8
(1.2)
0.6
3.1
(0.9)
2.2
Remeasurement gains/(losses)
on scheme assets
1.5
7.2
8.7
(57.7)
(26.8)
(84.5)
Actuarial gains due to changes
in financial assumptions
15.1
9.0
24.1
36.2
23.7
59.9
Actuarial losses due to changes
in demographic assumptions
(9.5)
(4.0)
(13.5)
(5.9)
(3.1)
(9.0)
Actuarial losses due to
liability experience
(3.7)
(9.3)
(13.0)
(3.9)
(5.0)
(8.9)
Total amount recognised in
other comprehensive income
3.4
2.9
6.3
(31.3)
(11.2)
(42.5)
Contributions by the employer
\u2013
5.2
5.2
\u2013
7.0
7.0
Closing net surplus/(deficit)
73.9
(14.6)
59.3
68.7
(21.5)
47.2
Changes in the fair value
of scheme assets
Fair value at 1 July
763.0
372.2
1,135.2
825.2
393.4
1,218.6
Annuity policies included
\u2013
\u2013
\u2013
\u2013
1.4
1.4
Interest income on scheme assets
40.7
20.0
60.7
41.3
19.9
61.2
Remeasurement gains/(losses)
on scheme assets
1.5
7.2
8.7
(57.7)
(26.8)
(84.5)
Contributions by the employer
\u2013
5.2
5.2
\u2013
7.0
7.0
Net benefits paid out
(44.8)
(22.8)
(67.6)
(44.0)
(22.5)
(66.5)
Administration expenses
(1.9)
(0.2)
(2.1)
(1.8)
(0.2)
(2.0)
Fair value at 30 June
758.5
381.6
1,140.1
763.0
372.2
1,135.2
2026
2025
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
(694.3)
(393.7)
(1,088.0)
(728.3)
(409.8)
(1,138.1)
Annuity policies included
\u2013
\u2013
\u2013
\u2013
(1.4)
(1.4)
Current service cost
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
Interest expense on
scheme liabilities
(37.0)
(21.0)
(58.0)
(36.4)
(20.5)
(56.9)
Actuarial gains due to changes
in financial assumptions
15.1
9.0
24.1
36.2
23.7
59.9
Actuarial losses due to changes
in demographic assumptions
(9.5)
(4.0)
(13.5)
(5.9)
(3.1)
(9.0)
Actuarial losses due to
liability experience
(3.7)
(9.3)
(13.0)
(3.9)
(5.0)
(8.9)
Net benefits paid out
44.8
22.8
67.6
44.0
22.5
66.5
Present value at 30 June
(684.6)
(396.2)
(1,080.8)
(694.3)
(393.7)
(1,088.0)
Amounts included in the
balance sheet
Fair value of scheme assets
758.5
381.6
1,140.1
763.0
372.2
1,135.2
Net present value of the
defined benefit obligation
(684.6)
(396.2)
(1,080.8)
(694.3)
(393.7)
(1,088.0)
Net surplus/(deficit)
73.9
(14.6)
59.3
68.7
(21.5)
47.2
Related deferred tax
(liability)/asset
(18.5)
3.7
(14.8)
(17.2)
5.4
(11.8)
Net pension asset/(liability)
55.4
(10.9)
44.5
51.5
(16.1)
35.4
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:
2026
2025
Kier Acquired Kier Acquired
Group schemes Total Group schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Retirement benefit assets
73.9
6.7
80.6
68.7
5.4
74.1
Retirement benefit obligation
\u2013
(21.3)
(21.3)
\u2013
(26.9)
(26.9)
Net surplus/(deficit)
73.9
(14.6)
59.3
68.7
(21.5)
47.2
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, annuity policies and derivatives, which are
based on unquoted valuations.
2026
2025
Kier Acquired Kier Acquired
Group schemes Total Group schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Equities
220.9
144.5
365.4
204.7
130.6
335.3
Corporate bonds
125.1
9.8
134.9
123.9
10.3
134.2
Government bonds
148.3
72.2
220.5
153.3
62.4
215.7
Index-linked bonds
195.2
98.0
293.2
194.9
101.5
296.4
Fixed income
aggregate funds
61.2
44.3
105.5
61.1
52.6
113.7
Cash
10.7
6.8
17.5
32.0
9.5
41.5
Property
\u2013
\u2013
\u2013
\u2013
3.7
3.7
Absolute return
\u2013
4.6
4.6
\u2013
4.8
4.8
Annuity policies
\u2013
1.6
1.6
\u2013
1.9
1.9
Derivatives
(2.9)
(0.2)
(3.1)
(6.9)
(5.1)
(12.0)
Total market value of assets
758.5
381.6
1,140.1
763.0
372.2
1,135.2
History of experience gains and losses for defined benefit schemes in aggregate:
2026 2025 2024 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fair value of scheme assets
1,140.1
1,135.2
1,218.6
1,247.7
1,557.0
Net present value of the defined
benefit obligation
(1,080.8)
(1,088.0)
(1,138.1)
(1,143.2)
(1,362.3)
Net surplus
59.3
47.2
80.5
104.5
194.7
Related deferred tax liability
(14.8)
(11.8)
(20.0)
(26.1)
(49.3)
Net pension asset
44.5
35.4
60.5
78.4
145.4
Difference between expected and
actual return on scheme assets
8.7
(84.5)
(41.1)
(315.4)
(339.9)
Experience (losses)/gains on
scheme liabilities
(13.0)
(8.9)
3.6
(51.4)
(10.4)
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
objectives. 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. 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.
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:
2026
2025
+0.25%/+1 year -0.25%/-1 year +0.25%/+1 year -0.25%/-1 year
\u00a3m \u00a3m \u00a3m \u00a3m
Discount rate (+/-0.25%)
30.5
(30.5)
28.6
(29.8)
Inflation rate (+/-0.25%)
(16.4)
16.4
(16.6)
18.3
Life expectancy (+/-1 year)
(36.8)
36.8
(28.7)
28.6
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:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-477": { "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 two (2025: 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 11 years (2025: 12 years). The IAS 19 accounting valuations at 30 June 2026 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.
2026 2025
% %
Discount rate
5.75
5.50
Inflation rate - Retail Price Index (RPI)
2.95
2.90
Inflation rate - Consumer Price Index (CPI)
2.45\u20132.75
2.20\u20132.65
Rate of general increases in pensionable salaries
2.95
2.90
Rate of increase in pensions payments liable
for Limited Price Indexation
\u2014 RPI subject to minimum of 0% and a maximum 5%
2.85
2.80
\u2014 RPI subject to minimum of 0% and a maximum 2.5%
1.95
1.90
The mortality assumptions used were as follows:
2026
2025
Male Female Male Female
years years years years
Life expectancy from age 65,
currently aged 65
\u2014 Kier Group scheme
22.4
24.1
21.6
23.5
\u2014 Acquired schemes
20.4\u201322.7
23.5\u201324.2
20.4\u201322.0
22.9\u201324.0
Life expectancy from age 65,
currently aged 45
\u2014 Kier Group scheme
23.4
25.0
22.7
24.6
\u2014 Acquired schemes
21.6\u201323.7
24.6\u201325.6
21.7\u201322.9
24.3\u201325.4
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:
2026
2025
Kier Acquired Kier Acquired
Group schemes Total Group schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening net surplus/(deficit)
68.7
(21.5)
47.2
96.9
(16.4)
80.5
Current service cost
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
Administration expenses
(1.9)
(0.2)
(2.1)
(1.8)
(0.2)
(2.0)
Net interest on net defined
benefit surplus
3.7
(1.0)
2.7
4.9
(0.6)
4.3
Total income/(expense)
recognised in the
income statement
1.8
(1.2)
0.6
3.1
(0.9)
2.2
Remeasurement gains/(losses)
on scheme assets
1.5
7.2
8.7
(57.7)
(26.8)
(84.5)
Actuarial gains due to changes
in financial assumptions
15.1
9.0
24.1
36.2
23.7
59.9
Actuarial losses due to changes
in demographic assumptions
(9.5)
(4.0)
(13.5)
(5.9)
(3.1)
(9.0)
Actuarial losses due to
liability experience
(3.7)
(9.3)
(13.0)
(3.9)
(5.0)
(8.9)
Total amount recognised in
other comprehensive income
3.4
2.9
6.3
(31.3)
(11.2)
(42.5)
Contributions by the employer
\u2013
5.2
5.2
\u2013
7.0
7.0
Closing net surplus/(deficit)
73.9
(14.6)
59.3
68.7
(21.5)
47.2
Changes in the fair value
of scheme assets
Fair value at 1 July
763.0
372.2
1,135.2
825.2
393.4
1,218.6
Annuity policies included
\u2013
\u2013
\u2013
\u2013
1.4
1.4
Interest income on scheme assets
40.7
20.0
60.7
41.3
19.9
61.2
Remeasurement gains/(losses)
on scheme assets
1.5
7.2
8.7
(57.7)
(26.8)
(84.5)
Contributions by the employer
\u2013
5.2
5.2
\u2013
7.0
7.0
Net benefits paid out
(44.8)
(22.8)
(67.6)
(44.0)
(22.5)
(66.5)
Administration expenses
(1.9)
(0.2)
(2.1)
(1.8)
(0.2)
(2.0)
Fair value at 30 June
758.5
381.6
1,140.1
763.0
372.2
1,135.2
2026
2025
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
(694.3)
(393.7)
(1,088.0)
(728.3)
(409.8)
(1,138.1)
Annuity policies included
\u2013
\u2013
\u2013
\u2013
(1.4)
(1.4)
Current service cost
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
Interest expense on
scheme liabilities
(37.0)
(21.0)
(58.0)
(36.4)
(20.5)
(56.9)
Actuarial gains due to changes
in financial assumptions
15.1
9.0
24.1
36.2
23.7
59.9
Actuarial losses due to changes
in demographic assumptions
(9.5)
(4.0)
(13.5)
(5.9)
(3.1)
(9.0)
Actuarial losses due to
liability experience
(3.7)
(9.3)
(13.0)
(3.9)
(5.0)
(8.9)
Net benefits paid out
44.8
22.8
67.6
44.0
22.5
66.5
Present value at 30 June
(684.6)
(396.2)
(1,080.8)
(694.3)
(393.7)
(1,088.0)
Amounts included in the
balance sheet
Fair value of scheme assets
758.5
381.6
1,140.1
763.0
372.2
1,135.2
Net present value of the
defined benefit obligation
(684.6)
(396.2)
(1,080.8)
(694.3)
(393.7)
(1,088.0)
Net surplus/(deficit)
73.9
(14.6)
59.3
68.7
(21.5)
47.2
Related deferred tax
(liability)/asset
(18.5)
3.7
(14.8)
(17.2)
5.4
(11.8)
Net pension asset/(liability)
55.4
(10.9)
44.5
51.5
(16.1)
35.4
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:
2026
2025
Kier Acquired Kier Acquired
Group schemes Total Group schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Retirement benefit assets
73.9
6.7
80.6
68.7
5.4
74.1
Retirement benefit obligation
\u2013
(21.3)
(21.3)
\u2013
(26.9)
(26.9)
Net surplus/(deficit)
73.9
(14.6)
59.3
68.7
(21.5)
47.2
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, annuity policies and derivatives, which are based on unquoted valuations.
2026
2025
Kier Acquired Kier Acquired
Group schemes Total Group schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Equities
220.9
144.5
365.4
204.7
130.6
335.3
Corporate bonds
125.1
9.8
134.9
123.9
10.3
134.2
Government bonds
148.3
72.2
220.5
153.3
62.4
215.7
Index-linked bonds
195.2
98.0
293.2
194.9
101.5
296.4
Fixed income
aggregate funds
61.2
44.3
105.5
61.1
52.6
113.7
Cash
10.7
6.8
17.5
32.0
9.5
41.5
Property
\u2013
\u2013
\u2013
\u2013
3.7
3.7
Absolute return
\u2013
4.6
4.6
\u2013
4.8
4.8
Annuity policies
\u2013
1.6
1.6
\u2013
1.9
1.9
Derivatives
(2.9)
(0.2)
(3.1)
(6.9)
(5.1)
(12.0)
Total market value of assets
758.5
381.6
1,140.1
763.0
372.2
1,135.2
History of experience gains and losses for defined benefit schemes in aggregate:
2026 2025 2024 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fair value of scheme assets
1,140.1
1,135.2
1,218.6
1,247.7
1,557.0
Net present value of the defined
benefit obligation
(1,080.8)
(1,088.0)
(1,138.1)
(1,143.2)
(1,362.3)
Net surplus
59.3
47.2
80.5
104.5
194.7
Related deferred tax liability
(14.8)
(11.8)
(20.0)
(26.1)
(49.3)
Net pension asset
44.5
35.4
60.5
78.4
145.4
Difference between expected and
actual return on scheme assets
8.7
(84.5)
(41.1)
(315.4)
(339.9)
Experience (losses)/gains on
scheme liabilities
(13.0)
(8.9)
3.6
(51.4)
(10.4)
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 objectives. 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. 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. 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:
2026
2025
+0.25%/+1 year -0.25%/-1 year +0.25%/+1 year -0.25%/-1 year
\u00a3m \u00a3m \u00a3m \u00a3m
Discount rate (+/-0.25%)
30.5
(30.5)
28.6
(29.8)
Inflation rate (+/-0.25%)
(16.4)
16.4
(16.6)
18.3
Life expectancy (+/-1 year)
(36.8)
36.8
(28.7)
28.6
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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-478": { "value": "Contributions to defined benefit schemes The aggregate contributions payable in the year ended 30 June 2026 in respect of the Group\u2019s defined benefit pension schemes amounted to \u00a35.2m (2025: \u00a37.0m), which included past service deficit contributions of \u00a35.2m (2025: \u00a36.9m) and current service employer contributions of \u00a3nil (2025: \u00a30.1m). The Group agreed revised deficit recovery plans with the Trustees of the Kier Group scheme, May Gurney scheme and Mouchel schemes in April and May 2026 and agreed the latest schedule of contributions for the McNicholas scheme in February 2024. Based on these contribution plans, the Group expects to make the following contributions in future years:
2027 2028 2029 2030 2031
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deficit contributions
6.1
5.2
5.2
5.2
0.4
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 \u00a30.7m (2025: \u00a30.8m) in respect of the running and administration of the defined benefit schemes, with a further \u00a32.1m (2025: \u00a32.0m) 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 \u00a337.9m (2025: \u00a336.5m) 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-443": { "value": "
10 Taxation
Taxation in respect of continuing operations is analysed below.
(a) Recognised in the income statement
2026 2025
\u00a3m \u00a3m
Current tax
UK corporation tax
12.7
12.5
Adjustments in respect of prior years
0.2
\u2013
Foreign tax suffered
0.5
\u2013
Total current tax charge
13.4
12.5
Deferred tax
Origination and reversal of temporary differences
9.7
10.9
Adjustments in respect of prior years
(1.1)
(1.7)
Total deferred tax
8.6
9.2
Total tax charge in the income statement
22.0
21.7
Reconciliation of effective tax rate
Profit before tax
83.8
78.1
Losses from joint venture companies
3.2
\u2013
Profit before tax excluding income from joint ventures
87.0
78.1
Income tax at UK corporation tax rate of 25% (2025: 25%)
21.7
19.5
Non-deductible expenses
3.4
5.0
Income not taxable
\u2013
(1.3)
Share-based payment
(1.8)
0.2
Movement in unrecognised deferred tax
(0.4)
\u2013
Adjustments in respect of prior years
(0.9)
(1.7)
Total tax
22.0
21.7
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 \u00a322.0m (2025: \u00a321.7m)
shown in the table equates to an effective tax rate of 25.3% (2025: 27.8%) on profit
before tax excluding joint venture companies and including joint venture LLPs of
\u00a383.8m (2025: \u00a378.1m). This effective rate is different from the standard rate of
corporation tax of 25% (2025: 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.
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 \u00a35.9m (2025: \u00a35.2m) has been recognised in respect of uncertain tax positions.
The Group is monitoring tax reforms driven by the OECD\u2019s BEPS initiative, including the
Pillar Two rules which seek to implement a global 15% minimum tax rate. The United
Kingdom substantively enacted Pillar Two rules in Finance (No.2) Act 2023 on 20 June
2023 and similar legislation has been enacted in other territories in which the Group
operates. Based on current year consolidated financial data, the Group has assessed
the potential tax impact of Pillar Two. There is no current top-up impact on the Group\u2019s
results for the year ended 30 June 2026. The Group has applied the temporary exception
to recognising and disclosing information about deferred tax assets and liabilities
related to Pillar Two income taxes, as detailed in amendments to IAS 12 issued by the
IASB in May 2023.
(b) Recognised in the cash flow statement
The cash flow statement shows cash of \u00a322.3m, in respect of RDEC credits, was
received during the year (2025: \u00a329.0m) (see note 21). The Group made tax payments
on account of \u00a32.9m (2025: \u00a31.8m).
(c) Recognised in the statement of comprehensive income
2026 2025
\u00a3m \u00a3m
Deferred tax charge/(credit) (including effect of change
in tax rate)
Actuarial gains/(losses) on defined benefit pension schemes
2.9
(8.9)
Total deferred tax charge/(credit)
2.9
(8.9)
Corporation tax credit in respect of pension contributions paid
(1.4)
(1.8)
Total tax charge/(credit) in the statement of
comprehensive income
1.5
(10.7)
(d) Factors that may affect future tax charges
The deferred tax balance as at the year end has mainly been recognised at 25%
(2025: 25%), 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 \u00a3521.7m (2025: \u00a3564.6m)
available for offset against future profits. A deferred tax asset has been recognised on
\u00a3362.0m (2025: \u00a3400.6m) 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 \u00a340.7m was included
in operating profit during the year (2025: \u00a341.0m). Included in other receivables at
30 June 2026 were RDEC receivables of \u00a340.1m (2025: \u00a331.8m). This predominantly
represents in-year claims, with the FY25 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 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
Credited/(charged) to income
statement \u2013 continuing
4.5
(4.0)
0.7
(0.1)
(9.7)
(8.6)
Charged directly to
comprehensive income
\u2013
\u2013
\u2013
(2.9)
\u2013
(2.9)
Credited directly to equity
\u2013
\u2013
2.5
\u2013
\u2013
2.5
At 30 June 2026
(1.8)
6.3
47.5
(14.8)
90.5
127.7
1. Included in short-term temporary differences are deferred tax assets of \u00a316.2m (2025: \u00a315.0m) in respect of
RDEC Step 2 amounts carried forward and \u00a326.7m (2025: \u00a327.4m) 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
2026 2025 2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant
and equipment
6.3
10.3
\u2013
\u2013
6.3
10.3
Intangible assets
\u2013
\u2013
(1.8)
(6.3)
(1.8)
(6.3)
Retirement
benefit obligations
\u2013
\u2013
(14.8)
(11.8)
(14.8)
(11.8)
Other short-term
timing differences
47.5
44.3
\u2013
\u2013
47.5
44.3
Tax losses
90.5
100.2
\u2013
\u2013
90.5
100.2
Total
144.3
154.8
(16.6)
(18.1)
127.7
136.7
Set-off tax
(16.6)
(18.1)
16.6
18.1
\u2013
\u2013
Net deferred
tax assets
127.7
136.7
\u2013
\u2013
127.7
136.7
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 is 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 2026;
\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 five years (2025: seven years).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-504": { "value": "The Group is monitoring tax reforms driven by the OECD\u2019s BEPS initiative, including the Pillar Two rules which seek to implement a global 15% minimum tax rate. The United Kingdom substantively enacted Pillar Two rules in Finance (No.2) Act 2023 on 20 June 2023 and similar legislation has been enacted in other territories in which the Group operates. Based on current year consolidated financial data, the Group has assessed the potential tax impact of Pillar Two. There is no current top-up impact on the Group\u2019s results for the year ended 30 June 2026. The Group has applied the temporary exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as detailed in amendments to IAS 12 issued by the IASB in May 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfStatementThatInformationIsNotKnownOrReasonablyEstimableAndEntitysProgressInAssessingExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-479": { "value": "The Group is monitoring tax reforms driven by the OECD\u2019s BEPS initiative, including the Pillar Two rules which seek to implement a global 15% minimum tax rate. The United Kingdom substantively enacted Pillar Two rules in Finance (No.2) Act 2023 on 20 June 2023 and similar legislation has been enacted in other territories in which the Group operates. Based on current year consolidated financial data, the Group has assessed the potential tax impact of Pillar Two. There is no current top-up impact on the Group\u2019s results for the year ended 30 June 2026. The Group has applied the temporary exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as detailed in amendments to IAS 12 issued by the IASB in May 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-444": { "value": "
11 Dividends
The following dividends were recognised in the year:
2026
2025
pence pence
\u00a3m
per share
\u00a3m
per share
Prior year final
22.7
5.2
15.2
3.5
Current year interim
11.4
2.6
8.9
2.0
Total dividend recognised in year
34.1
7.8
24.1
5.5
The following dividends were declared in respect of the year:
2026
2025
pence pence
\u00a3m
per share
\u00a3m
per share
Interim
11.4
2.6
8.9
2.0
Final
22.4
5.2
22.7
5.2
Total dividend relating to the year
33.8
7.8
31.6
7.2
The proposed final dividend for the year ending 30 June 2026 of 5. 2p per share
(2025: 5. 2p) 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
\u00a322.4m will be paid on 4 December 2026 to shareholders on the register at the close of
business on 30 October 2026.
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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-480": { "value": "0.052", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-481": { "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-11": { "value": "Kier Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-445": { "value": "
12 Earnings per share
2026
2025
Basic Diluted Basic Diluted
\u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
Profit for the year
61.8
61.8
56.4
56.4
Less: non-controlling interest share
(0.1)
(0.1)
\u2013
\u2013
Profit after tax and minority interests
61.7
61.7
56.4
56.4
Adjusting items (excluding tax)
52.6
52.6
47.3
47.3
Tax impact of adjusting items
(12.0)
(12.0)
(8.5)
(8.5)
Adjusted profit after tax
102.3
102.3
95.2
95.2
Weighted average number of shares (no, m)
436.1
457.5
441.5
466.1
Basic earnings (p)
Attributable to the ordinary equity holders
of the Company
14.1
13.5
12.8
12.1
Adjusted basic earnings (p)
Adjusted basic earnings per share
attributable to the ordinary equity holders
of the Company
23.5
22.4
21.6
20.4
The weighted average number of shares is lower than the number of shares in issue
by 16.8m (2025: 11.4m), 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-446": { "value": "
13 Intangible assets
Intangible
contract Computer
Goodwill rights software Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 July 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
Additions
\u2013
\u2013
4.7
4.7
Disposals
\u2013
\u2013
(1.0)
(1.0)
Transfers
\u2013
\u2013
0.2
0.2
At 30 June 2026
545.6
243.2
139.0
927.8
Accumulated amortisation
and impairment
At 1 July 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)
Charge for the year
\u2013
(19.0)
(11.0)
(30.0)
Disposals
\u2013
\u2013
1.0
1.0
Transfers
\u2013
\u2013
(0.2)
(0.2)
At 30 June 2026
(2.1)
(234.7)
(107.9)
(344.7)
Net book value
At 30 June 2026
543.5
8.5
31.1
583.1
At 30 June 2025
543.5
27.5
37.4
608.4
Goodwill largely relates to the group of cash generating units (CGUs) in the Infrastructure
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 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 (2025: \u00a3106.8m). Net book value
\u00a37.5m (2025: \u00a314.9m).
\u2022 MRBL Limited (Mouchel Group) \u2014 Cost \u00a3127.1m (2025: \u00a3127.1m). Net book value
\u00a3nil (2025: \u00a310.4m).
\u2022 Rail assets of the Buckingham Group \u2014 Cost \u00a37.5m (2025: \u00a37.5m). Net book value
\u00a3nil (2025: \u00a31.1m).
\u2022 Certain business and assets of Babcock Civil Infrastructure Limited \u2014 Cost \u00a31.6m
(2025: \u00a31.6m). Net book value \u00a31.0m (2025: \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
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 12.4% (2025: 13.5%). A terminal growth rate of 1.6% (2025: 1.8%) has been
applied into perpetuity.
2026
2025
Intangible Intangible
contract contract
Goodwill rights Total Goodwill rights Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Infrastructure
523.1
7.5
530.6
523.1
26.4
549.5
Construction
20.4
1.0
21.4
20.4
1.1
21.5
543.5
8.5
552.0
543.5
27.5
571.0
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
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 segment is \u00a3542.1m (2025: \u00a3343.0m) above the carrying value of the
assets. The Infrastructure 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-505": { "value": "13 Intangible assets
Intangible
contract Computer
Goodwill rights software Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 July 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
Additions
\u2013
\u2013
4.7
4.7
Disposals
\u2013
\u2013
(1.0)
(1.0)
Transfers
\u2013
\u2013
0.2
0.2
At 30 June 2026
545.6
243.2
139.0
927.8
Accumulated amortisation
and impairment
At 1 July 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)
Charge for the year
\u2013
(19.0)
(11.0)
(30.0)
Disposals
\u2013
\u2013
1.0
1.0
Transfers
\u2013
\u2013
(0.2)
(0.2)
At 30 June 2026
(2.1)
(234.7)
(107.9)
(344.7)
Net book value
At 30 June 2026
543.5
8.5
31.1
583.1
At 30 June 2025
543.5
27.5
37.4
608.4
Goodwill largely relates to the group of cash generating units (CGUs) in the Infrastructure 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 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 (2025: \u00a3106.8m). Net book value \u00a37.5m (2025: \u00a314.9m). \u2022 MRBL Limited (Mouchel Group) \u2014 Cost \u00a3127.1m (2025: \u00a3127.1m). Net book value \u00a3nil (2025: \u00a310.4m). \u2022 Rail assets of the Buckingham Group \u2014 Cost \u00a37.5m (2025: \u00a37.5m). Net book value \u00a3nil (2025: \u00a31.1m). \u2022 Certain business and assets of Babcock Civil Infrastructure Limited \u2014 Cost \u00a31.6m (2025: \u00a31.6m). Net book value \u00a31.0m (2025: \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 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 12.4% (2025: 13.5%). A terminal growth rate of 1.6% (2025: 1.8%) has been applied into perpetuity.
2026
2025
Intangible Intangible
contract contract
Goodwill rights Total Goodwill rights Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Infrastructure
523.1
7.5
530.6
523.1
26.4
549.5
Construction
20.4
1.0
21.4
20.4
1.1
21.5
543.5
8.5
552.0
543.5
27.5
571.0
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 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 segment is \u00a3542.1m (2025: \u00a3343.0m) above the carrying value of the assets. The Infrastructure 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-482": { "value": "13 Intangible assets
Intangible
contract Computer
Goodwill rights software Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 July 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
Additions
\u2013
\u2013
4.7
4.7
Disposals
\u2013
\u2013
(1.0)
(1.0)
Transfers
\u2013
\u2013
0.2
0.2
At 30 June 2026
545.6
243.2
139.0
927.8
Accumulated amortisation
and impairment
At 1 July 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)
Charge for the year
\u2013
(19.0)
(11.0)
(30.0)
Disposals
\u2013
\u2013
1.0
1.0
Transfers
\u2013
\u2013
(0.2)
(0.2)
At 30 June 2026
(2.1)
(234.7)
(107.9)
(344.7)
Net book value
At 30 June 2026
543.5
8.5
31.1
583.1
At 30 June 2025
543.5
27.5
37.4
608.4
Goodwill largely relates to the group of cash generating units (CGUs) in the Infrastructure 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 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 (2025: \u00a3106.8m). Net book value \u00a37.5m (2025: \u00a314.9m). \u2022 MRBL Limited (Mouchel Group) \u2014 Cost \u00a3127.1m (2025: \u00a3127.1m). Net book value \u00a3nil (2025: \u00a310.4m). \u2022 Rail assets of the Buckingham Group \u2014 Cost \u00a37.5m (2025: \u00a37.5m). Net book value \u00a3nil (2025: \u00a31.1m). \u2022 Certain business and assets of Babcock Civil Infrastructure Limited \u2014 Cost \u00a31.6m (2025: \u00a31.6m). Net book value \u00a31.0m (2025: \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 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 12.4% (2025: 13.5%). A terminal growth rate of 1.6% (2025: 1.8%) has been applied into perpetuity.
2026
2025
Intangible Intangible
contract contract
Goodwill rights Total Goodwill rights Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Infrastructure
523.1
7.5
530.6
523.1
26.4
549.5
Construction
20.4
1.0
21.4
20.4
1.1
21.5
543.5
8.5
552.0
543.5
27.5
571.0
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 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 segment is \u00a3542.1m (2025: \u00a3343.0m) above the carrying value of the assets. The Infrastructure 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-447": { "value": "
14 Property, plant and equipment
Land and Plant and
buildings equipment Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 July 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
Additions
0.3
5.0
5.3
Disposals
(2.1)
(18.0)
(20.1)
Transfers
2.0
(2.2)
(0.2)
At 30 June 2026
20.5
30.1
50.6
Accumulated depreciation and impairment
At 1 July 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)
Charge for the year
(0.8)
(5.4)
(6.2)
Disposals
0.1
13.4
13.5
Transfers
\u2013
0.2
0.2
At 30 June 2026
(8.2)
(21.9)
(30.1)
Net book value
At 30 June 2026
12.3
8.2
20.5
At 30 June 2025
12.8
15.2
28.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-483": { "value": "14 Property, plant and equipment
Land and Plant and
buildings equipment Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 July 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
Additions
0.3
5.0
5.3
Disposals
(2.1)
(18.0)
(20.1)
Transfers
2.0
(2.2)
(0.2)
At 30 June 2026
20.5
30.1
50.6
Accumulated depreciation and impairment
At 1 July 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)
Charge for the year
(0.8)
(5.4)
(6.2)
Disposals
0.1
13.4
13.5
Transfers
\u2013
0.2
0.2
At 30 June 2026
(8.2)
(21.9)
(30.1)
Net book value
At 30 June 2026
12.3
8.2
20.5
At 30 June 2025
12.8
15.2
28.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-448": { "value": "
15 Investment properties
(a) Reconciliation of carrying amount
Owned Right-of-use
assets assets Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 July 2024
61.1
43.8
104.9
Transfers
3.6
(15.5)
(11.9)
Fair value gain/(loss) recognised in other income
8.3
(0.7)
7.6
At 30 June 2025
73.0
27.6
100.6
Transfers
6.2
\u2013
6.2
Additions
2.5
\u2013
2.5
Disposals
(14.0)
\u2013
(14.0)
Fair value gain/(loss) recognised in other income
15.0
(2.7)
12.3
At 30 June 2026
82.7
24.9
107.6
Investment properties comprise office buildings and commercial land/properties that
were formerly utilised by the Group but have been vacated, property inventories that
are no longer being actively developed, along with a student accommodation property.
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 properties 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. During the year, the Group sold its former head
office buildings at Tempsford and land previously used as a waste recycling site.
(b) Amounts recognised in the income statement
2026 2025
\u00a3m \u00a3m
Rental income from operating leases
5.5
5.7
Direct operating expenses for property that generated
rental income
(3.3)
(2.5)
Fair value gain
12.3
7.6
Total net income recognised in the income statement
14.5
10.8
(c) Leasing arrangements
Some of 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 its 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:
2026 2025
\u00a3m \u00a3m
Less than one year
1.9
2.7
One to two years
1.9
1.8
Two to three years
1.0
1.6
Three to four years
1.0
0.5
Four to five years
0.8
0.5
Over five years
2.4
3.0
Total
9.0
10.1
(d) Measurement of fair values
The fair value of the owned investment properties was determined as at 30 June 2026 by external, independent property valuers, having appropriate recognised professional
qualifications and recent experience in the location and category of the property being valued. The fair values of the right-of-use investment properties have been determined
by the Group without the use of an independent valuer. The valuation techniques for all of the investment properties use unobservable inputs (defined by IFRS 13 as \u2018level 3\u2019 inputs).
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 estimated fair value would increase/(decrease) if:
have been determined by The last valuations were carried out as at 30 June
\u2022
expected market rental growth was higher/(lower);
adopting an investment approach
20
26. The following inputs have been used in
and assuming continued use as assessing the valuations:
\u2022
the occupancy rate was higher/(lower);
offices/student accommodation/ Student accommodation
\u2022
expected market yields were lower/(higher);
future use as a wind farm.
\u2022
expected market rental growth of 3% (2025: 3%);
\u2022
expected electricity price was higher/(lower);
\u2022
occupancy rate average of 98% (2025: 98%); and
\u2022
gross development value was higher/(lower);
\u2022
expected market yields of 5.75% (2025: 5.25%).
\u2022
residential build costs were higher/(lower); or
\u2022
strategic infrastructure was higher/(lower).
Wind farm
\u2022
expected electricity price of \u00a380 per MWh
(2025: \u00a362 per MWh); and
\u2022
expected market yields of 8% (2025: 8%).
Strategic land
\u2022
gross development value - private of \u00a3425 - \u00a3465
per sq ft (2025: n/a);
\u2022
residential build costs of \u00a3170 per sq ft
(2025: n/a); and
\u2022
strategic infrastructure of \u00a320k per plot (2025: n/a).
Right-of-use Income approach using discounted The following inputs have been used in The estimated fair value would increase/(decrease) if:
assets cash flows: The valuation model the discounted cash flow models:
\u2022
expected market rental growth was higher/(lower);
considers the present value of net
\u2022
expected market rental growth of 0.5% to 2%
\u2022
the occupancy rate was higher/(lower);
cash flows to be generated from (2025: 1% to 2%);
the property, taking into account
\u2022
rent-free/void periods were shorter/(longer); or
the expected rental growth rate,
\u2022
occupancy rate average of 97%
\u2022
the risk-adjusted discount rate was lower/(higher).
void periods, occupancy rate, (2025: average of 99%);
lease incentive costs such as
\u2022
rent-free/void periods of six to eighteen months
rent-free periods and other costs at the end of each tenancy (2025: six to nine
not paid by tenants. The expected months); and
net cash flows are discounted
\u2022
risk-adjusted discount rate of 4.2% (2025: 4.2%).
using risk-adjusted discount rates.
27 Financial instruments
2026
2025
Financial Financial Financial Financial
assets at liabilities at assets at liabilities at
amortised amortised amortised amortised
cost cost cost cost
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Trade and other receivables
1
233.2
\u2013
194.7
\u2013
Cash and cash equivalents
1,899.6
\u2013
1,689.4
\u2013
Equity loans provided to joint ventures
155.4
\u2013
144.5
\u2013
Total
2,288.2
\u2013
2,028.6
\u2013
Financial liabilities
Bank overdrafts
\u2013
(1,402.0)
\u2013
(1,221.4)
Borrowings
\u2013
(265.2)
\u2013
(263.9)
Lease liabilities
\u2013
(178.0)
\u2013
(151.1)
Trade and other payables
2
\u2013
(976.1)
\u2013
(955.9)
Total
\u2013
(2,821.3)
\u2013
(2,592.3)
Net
2,288.2
(2,821.3)
2,028.6
(2,592.3)
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:
2026 2025
\u00a3m \u00a3m
Provision as at 1 July
0.5
0.5
Credited to the income statement
(1.2)
(0.8)
Charged to the income statement
2.1
1.4
Utilised in the year
(0.5)
(0.6)
Provision as at 30 June
0.9
0.5
There were \u00a326.3m (2025: \u00a315.3m) of trade receivables that were overdue at the
balance sheet date that have not been provided against, of which \u00a321.1m (2025: \u00a39.4m)
had been received by the end of August 2026. There are no indications as at 30 June 2026
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 2026 that were overdue for payment
was 35% (2025: 30%). Credit terms vary across the Group; the average age of trade
receivables was as follows:
Infrastructure 4 days (2025: 7 days)
Construction 8 days (2025: 4 days)
Property 10 days (2025: 11 days)
Overall, the Group considers that it is not exposed to significant credit risk.
Equity loans to joint ventures of \u00a3155.4m (2025: \u00a3144.5m) 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:
2026 2025
\u00a3m \u00a3m
Fixed rate
250.0
250.0
Variable rate
20.1
20.1
Cost of raising finance
(5.0)
(6.2)
265.1
263.9
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 2026, the Group had no debt denominated in US dollars at fixed currency
rates using derivatives (2025: \u00a3nil).
As at 30 June 2026, the Group had no unhedged debt outstanding (2025: US$nil).
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 expire in May 2026 and are without
recourse to the Group. At 30 June 2026, the aggregate amount outstanding on this
interest-bearing debt against which an interest rate derivative is held is \u00a3nil (2025: \u00a334.3m).
The Group\u2019s share of the total net fair value asset of this interest rate derivative
at 30 June 2026 amounted to \u00a3nil (2025: \u00a30.2m), which has met the criteria for
hedge accounting.
Financial liabilities \u2013 analysis of maturity dates
At 30 June 2026, 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 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Carrying value
976.1
1,402.0
265.2
178.0
2,821.3
Contractual undiscounted
cash flows
Less than one year
955.2
1,402.0
24.3
61.3
2,442.8
One to two years
10.4
\u2013
43.6
38.1
92.1
Two to three years
6.7
\u2013
272.5
20.3
299.5
Three to four years
3.6
\u2013
\u2013
13.4
17.0
Four to five years
0.2
\u2013
\u2013
10.3
10.5
Over five years
\u2013
\u2013
\u2013
74.9
74.9
976.1
1,402.0
340.4
218.3
2,936.8
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
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 2026, 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 2026 (2025: \u00a3250.0m);
\u2022 revolving credit facility of \u00a3190.0m, at a margin over SONIA, due for renewal on
13 October 2028, which was undrawn at 30 June 2026 (2025: \u00a3150.0m, undrawn); and
\u2022 non-recourse project finance of \u00a320.1m (2025: \u00a320.1m) 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 (2025: undrawn).
Included within borrowings are capitalised loan fees of \u00a35.0m (2025: \u00a36.2m).
The Group increased its total available facilities by \u00a340m in the year ended 30 June 2026
(2025: \u00a3148.2m reduction).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-484": { "value": "15 Investment properties (a) Reconciliation of carrying amount
Owned Right-of-use
assets assets Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 July 2024
61.1
43.8
104.9
Transfers
3.6
(15.5)
(11.9)
Fair value gain/(loss) recognised in other income
8.3
(0.7)
7.6
At 30 June 2025
73.0
27.6
100.6
Transfers
6.2
\u2013
6.2
Additions
2.5
\u2013
2.5
Disposals
(14.0)
\u2013
(14.0)
Fair value gain/(loss) recognised in other income
15.0
(2.7)
12.3
At 30 June 2026
82.7
24.9
107.6
Investment properties comprise office buildings and commercial land/properties that were formerly utilised by the Group but have been vacated, property inventories that are no longer being actively developed, along with a student accommodation property. 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 properties 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. During the year, the Group sold its former head office buildings at Tempsford and land previously used as a waste recycling site. (b) Amounts recognised in the income statement
2026 2025
\u00a3m \u00a3m
Rental income from operating leases
5.5
5.7
Direct operating expenses for property that generated
rental income
(3.3)
(2.5)
Fair value gain
12.3
7.6
Total net income recognised in the income statement
14.5
10.8
(c) Leasing arrangements Some of 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 its 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:
2026 2025
\u00a3m \u00a3m
Less than one year
1.9
2.7
One to two years
1.9
1.8
Two to three years
1.0
1.6
Three to four years
1.0
0.5
Four to five years
0.8
0.5
Over five years
2.4
3.0
Total
9.0
10.1
(d) Measurement of fair values The fair value of the owned investment properties was determined as at 30 June 2026 by external, independent property valuers, having appropriate recognised professional qualifications and recent experience in the location and category of the property being valued. The fair values of the right-of-use investment properties have been determined by the Group without the use of an independent valuer. The valuation techniques for all of the investment properties use unobservable inputs (defined by IFRS 13 as \u2018level 3\u2019 inputs).
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 estimated fair value would increase/(decrease) if:
have been determined by The last valuations were carried out as at 30 June
\u2022
expected market rental growth was higher/(lower);
adopting an investment approach
20
26. The following inputs have been used in
and assuming continued use as assessing the valuations:
\u2022
the occupancy rate was higher/(lower);
offices/student accommodation/ Student accommodation
\u2022
expected market yields were lower/(higher);
future use as a wind farm.
\u2022
expected market rental growth of 3% (2025: 3%);
\u2022
expected electricity price was higher/(lower);
\u2022
occupancy rate average of 98% (2025: 98%); and
\u2022
gross development value was higher/(lower);
\u2022
expected market yields of 5.75% (2025: 5.25%).
\u2022
residential build costs were higher/(lower); or
\u2022
strategic infrastructure was higher/(lower).
Wind farm
\u2022
expected electricity price of \u00a380 per MWh
(2025: \u00a362 per MWh); and
\u2022
expected market yields of 8% (2025: 8%).
Strategic land
\u2022
gross development value - private of \u00a3425 - \u00a3465
per sq ft (2025: n/a);
\u2022
residential build costs of \u00a3170 per sq ft
(2025: n/a); and
\u2022
strategic infrastructure of \u00a320k per plot (2025: n/a).
Right-of-use Income approach using discounted The following inputs have been used in The estimated fair value would increase/(decrease) if:
assets cash flows: The valuation model the discounted cash flow models:
\u2022
expected market rental growth was higher/(lower);
considers the present value of net
\u2022
expected market rental growth of 0.5% to 2%
\u2022
the occupancy rate was higher/(lower);
cash flows to be generated from (2025: 1% to 2%);
the property, taking into account
\u2022
rent-free/void periods were shorter/(longer); or
the expected rental growth rate,
\u2022
occupancy rate average of 97%
\u2022
the risk-adjusted discount rate was lower/(higher).
void periods, occupancy rate, (2025: average of 99%);
lease incentive costs such as
\u2022
rent-free/void periods of six to eighteen months
rent-free periods and other costs at the end of each tenancy (2025: six to nine
not paid by tenants. The expected months); and
net cash flows are discounted
\u2022
risk-adjusted discount rate of 4.2% (2025: 4.2%).
using risk-adjusted discount rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-506": { "value": "(c) Leasing arrangements Some of 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 its 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:
2026 2025
\u00a3m \u00a3m
Less than one year
1.9
2.7
One to two years
1.9
1.8
Two to three years
1.0
1.6
Three to four years
1.0
0.5
Four to five years
0.8
0.5
Over five years
2.4
3.0
Total
9.0
10.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-507": { "value": "(d) Measurement of fair values The fair value of the owned investment properties was determined as at 30 June 2026 by external, independent property valuers, having appropriate recognised professional qualifications and recent experience in the location and category of the property being valued. The fair values of the right-of-use investment properties have been determined by the Group without the use of an independent valuer. The valuation techniques for all of the investment properties use unobservable inputs (defined by IFRS 13 as \u2018level 3\u2019 inputs). Borrowings and borrowing facilities As at 30 June 2026, 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 2026 (2025: \u00a3250.0m); \u2022 revolving credit facility of \u00a3190.0m, at a margin over SONIA, due for renewal on 13 October 2028, which was undrawn at 30 June 2026 (2025: \u00a3150.0m, undrawn); and \u2022 non-recourse project finance of \u00a320.1m (2025: \u00a320.1m) 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 (2025: undrawn). Included within borrowings are capitalised loan fees of \u00a35.0m (2025: \u00a36.2m). The Group increased its total available facilities by \u00a340m in the year ended 30 June 2026 (2025: \u00a3148.2m reduction).", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-449": { "value": "
16 Investments in and loans to joint ventures
(a) Movements in year
2026 2025
\u00a3m \u00a3m
Investments in joint ventures
At 1 July
145.8
91.7
Additions
55.6
76.4
Disposals
\u2013
(7.0)
Loan repayments and return of equity
(33.6)
(9.9)
Share of:
\u2013 Operating profit/(loss)
2.7
(0.4)
\u2013 Finance costs
(9.2)
(0.9)
\u2013 Tax income/(expense)
0.9
(0.2)
Post-tax results of joint ventures
(5.6)
(1.5)
Dividends received
(3.5)
(3.9)
At 30 June
158.7
145.8
(b) Interests in joint ventures
Set out below are the joint ventures of the Group as at 30 June 2026 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 2026 2025
Name of entity 2026 2025 \u00a3m \u00a3m
Kier Cornwall Street
90%/50%
90%/50%
25.1
32.9
Solum Regeneration
50%/50%
50%/50%
24.2
25.0
Southwark
90%/50%
90%/50%
37.0
23.3
Immaterial joint ventures
72.4
64.6
158.7
145.8
All material joint ventures are incorporated in England and Wales and are in the
Group\u2019s Property division. The Solum Regeneration joint venture has a March year-end
reporting date, to coincide with that of the joint venture partner. Solum Regeneration
prepares, for consolidation purposes, additional financial information as of the same
date as the financial statements of the Group to enable the Group to account for the
joint venture under the equity method in its consolidated financial statements.
(c) Borrowing facilities and guarantees to joint ventures
The Group has provided guarantees to support borrowing facilities of joint ventures
as follows:
2026
2025
Borrowing Drawn Borrowing Drawn
facility Guarantees at 30 June facility Guarantees at 30 June
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Kier Trade City
14.2
2.7
13.4
35.4
9.0
17.1
Kier Cornwall Street
48.8
6.3
45.8
\u2013
\u2013
\u2013
Kier Countryside
35.3
5.0
32.0
\u2013
\u2013
\u2013
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 and reporting date.
Kier Cornwall Street
Solum Regeneration
Southwark
2026 2025 2026 2025 2026 2025
Summarised balance sheet \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
\u2013
\u2013
\u2013
\u2013
\u2013
4.9
Current assets
Cash and cash equivalents
\u2013
0.2
1.9
0.4
4.7
0.3
Other current assets
71.0
68.2
50.8
53.9
78.3
45.9
Total current assets
71.0
68.4
52.7
54.3
5.2
46.2
Current liabilities
Other current liabilities
(0.3)
(0.5)
(4.3)
(4.3)
(2.0)
(15.9)
Total current liabilities
(0.3)
(0.5)
(4.3)
(4.3)
(2.0)
(15.9)
Non-current liabilities
Financial liabilities (excluding trade payables)
(45.3)
(34.3)
\u2013
\u2013
(42.3)
(6.7)
Total non-current liabilities
(45.3)
(34.3)
\u2013
\u2013
(42.3)
(6.7)
Net assets
25.4
33.6
48.4
50.0
43.9
28.5
Group\u2019s share (%)
90%
90%
50%
50%
90%
90%
Group\u2019s share
22.9
30.2
24.2
25.0
39.5
25.7
Capital introduced on behalf of joint venture partner
2.3
2.7
\u2013
\u2013
\u2013
\u2013
Elimination of unrealised profit on downstream transactions
\u2013
\u2013
\u2013
\u2013
(2.4)
(2.4)
Investment in joint venture
25.2
32.9
24.2
25.0
37.1
23.3
Kier Cornwall Street
Solum Regeneration
Southwark
2026 2025 2026 2025 2026 2025
Summarised income statement \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1.2
\u2013
30.9
0.1
\u2013
\u2013
Finance costs
(3.7)
(0.9)
\u2013
\u2013
(0.9)
\u2013
Taxation
\u2013
\u2013
(0.4)
\u2013
\u2013
\u2013
(Loss)/profit for the year from continuing operations
(4.0)
0.9
0.5
(1.8)
0.9
\u2013
(Loss)/profit for the year
(4.0)
0.9
0.5
(1.8)
0.9
\u2013
Total comprehensive (expense)/income
(4.0)
0.9
0.5
(1.8)
0.9
\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.
2026 2025
\u00a3m \u00a3m
Aggregate carrying amount of individually immaterial
joint ventures
72.4
64.6
Dividends received from individually immaterial joint ventures
3.5
3.9
Aggregate amounts of the Group\u2019s share of:
Loss from continuing operations
(1.6)
(1.4)
Total comprehensive expense
(1.6)
(1.4)
30 Subsidiaries and other undertakings
A full list of subsidiaries, branches, associated undertakings and joint arrangements
as at 30 June 2026 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
00931371
Limited (formerly Marriott Limited)
(in liquidation)
12
Ordinary
100%
A C Chesters & Son Limited
(dissolved 11 August 2026)
1
Ordinary
100%
Arena Central Developments LLP
1
\u2013
100%
Arena Central Management Limited
1
A Ordinary
100%
25%
1
Caribbean Construction Company Limited
2
Ordinary
100%
Caxton Integrated Services Holdings Limited
(dissolved 29 July 2026)
12
Ordinary
100%
Clearbox 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
(dissolved 29 July 2026)
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%
Registered Share % held
Company name
office
1
class(es) held by Group
Kier Asset Partnership Services Limited
(in liquidation)
1
Ordinary
100%
Kier Benefits Limited
1
Ordinary
100%
Kier Build Limited
1
Ordinary
100%
Kier Business Services Limited
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
2
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
2
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 Ewan Limited (dissolved 11 August 2026)
1
Ordinary
100%
Kier Facilities Services Limited
1
Ordinary
100%
Kier Finance & Treasury Holdings Limited
(dissolved 11 August 2026)
1
Ordinary
100%
Kier Finance Limited (dissolved 11 August 2026)
1
Ordinary
100%
Kier Fleet Services Limited
1
Ordinary
100%
Kier Green Investments Limited
1
Ordinary
100%
Kier Group Trustees Limited
3
1
Ordinary
100%
Kier Holdings Limited
1
Ordinary
100%
Irredeemable
preference
100%
Kier Infrastructure and Overseas Limited
1
Ordinary
100%
Kier Infrastructure and Overseas Limited \u2013
Jamaica Branch
Registered Share % held
Company name
office
1
class(es) held by Group
Kier Infrastructure and Overseas Limited \u2013
Trinidad Branch
Kier Infrastructure Pty Ltd
8
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 (in liquidation)
9
Ordinary
100%
Kier Limited
3
1
Ordinary
100%
Kier Logistics (Knowsley) Ltd
1
Ordinary
100%
Kier 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 National Limited
1
Ordinary
100%
Kier North Tyneside Limited (in liquidation)
12
B Ordinary
100%
80%
1
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
(dissolved 11 August 2026)
1
Ordinary A
100%
Kier Plant Limited
1
Ordinary
100%
Registered Share % held
Company name
office
1
class(es) held by Group
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 (in liquidation)
12
Ordinary
100%
Kier Recycling CIC
1
Ordinary
100%
Kier Services Limited
1
Ordinary
100%
Kier Sheffield LLP (dissolved 29 July 2026)
12
\u2013
80.1%
Kier South Wokingham LLP
1
\u2013
100%
Kier Stoke Limited (in liquidation)
12
Ordinary
100%
Kier Sydenham Limited
1
Ordinary
100%
Kier Transportal 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%
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%
Pure Recycling Warwick Limited
1
Ordinary A
100%
Ordinary B
100%
Robert Marriott Group Limited (in liquidation)
12
Ordinary
100%
T H Construction Limited
1
Ordinary
100%
T J Brent Limited
1
Ordinary
100%
Ordinary B
100%
Ordinary C
100%
Registered Share % held
Company name
office
1
class(es) held by Group
Tempsford Insurance Company Limited
3
10
Ordinary
100%
Tor2 Limited (dissolved 29 July 2026)
12
PSP Shares
100%
80.01%
1
TradeDirect Logistics Limited
(dissolved 11 August 2026)
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%
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 184.
Notes
1. Total interest in entity held by the Group as there are other share class(es) held by a third party.
2. Accounted for as a subsidiary as control is achieved through an agreement between shareholders.
3. Shares held directly by Kier Group plc.
Listed below are subsidiaries controlled and consolidated by the Group, which under
section 479A of the Companies Act 2006 (the Act) are exempt from the requirements
of the Act relating to the audit of accounts.
Company
registration
Company name
number
Year end
Arena Central Developments LLP
OC305452
30 June 2026
Dragon Lane Holdings 1 LLP
OC398919
30 June 2026
Dragon Lane Holdings 2 LLP
OC398920
30 June 2026
Dragon Lane LLP
OC398924
30 June 2026
Kier (Catterick) Limited
07372563
30 June 2026
Kier (Newcastle) Investment Ltd
09978111
30 June 2026
Kier (Newcastle) Operation Limited
10609470
30 June 2026
Kier (NR) Limited
06648175
30 June 2026
Kier Build Limited
01551959
30 June 2026
Kier Business Services Limited
03679828
30 June 2026
Kier Commercial Investments Limited
04002798
30 June 2026
Kier Developments Limited
04407754
30 June 2026
Kier Education Investments Limited
06458919
30 June 2026
Kier Education Services Limited
05457729
30 June 2026
Kier Fleet Services Limited
02127113
30 June 2026
Kier Green Investments Limited
08922437
30 June 2026
Kier Holdings Limited
05887559
30 June 2026
Kier Integrated Services (Estates) Limited
00216679
30 June 2026
Kier Integrated Services (Holdings) Limited
04321657
30 June 2026
Kier Integrated Services Group Limited
02372311
30 June 2026
Kier International (Investments) Limited
01463191
30 June 2026
Kier International Limited
00810557
30 June 2026
Kier Logistics (Knowsley) Ltd
13682851
30 June 2026
Kier Logistics Holdco Ltd
13682160
30 June 2026
Kier Management Consulting Limited
02491619
30 June 2026
Kier MBS Limited
11632543
30 June 2026
Kier Minerals Limited
02099531
30 June 2026
Kier National Limited
02100338
30 June 2026
Kier Overseas (Nine) Limited
01531039
30 June 2026
Company
registration
Company name
number
Year end
Kier Overseas (Seventeen) Limited
01462100
30 June 2026
Kier Overseas (Twenty-Three) Limited
02127112
30 June 2026
Kier Plant Limited
04233359
30 June 2026
Kier Professional Services Limited
08881783
30 June 2026
Kier Property Limited
04459403
30 June 2026
Kier Property Management Company Limited
06207623
30 June 2026
Kier South Wokingham LLP
OC451168
30 June 2026
Kier Transportal Limited
08658406
30 June 2026
Magnetic Limited
07775665
30 June 2026
McNicholas Construction Services Limited
01510892
30 June 2026
MRBL Limited
08177998
30 June 2026
Pure Recycling Warwick Limited
06436462
30 June 2026
T H Construction Limited
01532971
30 June 2026
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 and Countryside JV No1 LLP
13
50%
Kier Bishops Stortford Holdings Limited
1
90%
Kier Bishops Stortford 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
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 Holdings 2 Limited
1
50%
Kier HGP Holdings LLP
1
50%
Kier HGP Tunbridge Wells LLP
1
50%
Kier HGP Weybridge LLP (formerly Kier HGP Devco 2 LLP)
1
50%
Registered Interest
Company name
office
1
held
Kier Maidenhead Holdings 1 LLP
1
90%
Kier Maidenhead Holdings 2 LLP
1
90%
Kier Maidenhead LLP
1
90%
Kier Logistics (Bognor) Ltd
1
90%
Kier Logistics (Milton Keynes) Ltd
1
90%
Kier 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 Sharston Limited
1
90%
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%
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 (Greenwich) LLP
(formerly Solum Regeneration (Haywards) LLP)
1
50%
Registered Interest
Company name
office
1
held
Solum Regeneration (Harrow) LLP
(formerly Solum Regeneration (Walthamstow) LLP)
1
50%
Solum Regeneration (Kingswood) LLP
1
50%
Solum Regeneration (Redhill) LLP
1
50%
Solum Regeneration (Surbiton) LLP
1
50%
Solum Regeneration (Twickenham) LLP
1
50%
Solum Regeneration (Walton) LLP
(formerly Solum Regeneration (Maidstone) 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
10%
Watford Health Campus Neighbourhood Square 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
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 184.
Joint operation name
Description
Trading address
Deephams
a joint arrangement between Kier Infrastructure and Overseas Limited, J Murphy & Sons Limited,
Deephams Sewage Treatment Wales, Pickett\u2019s Lock Lane,
and Aecom Limited Edmonton, N9 0BA
Devonport
a joint arrangement between Kier Infrastructure and Overseas Limited and BAM Nuttall Limited
St. James House, Knoll Road, Camberley, Surrey, GU15 3XW
EKFB
a joint arrangement between Kier Infrastructure and Overseas Limited, Eiffage G\u00e9nie Civil,
5th Floor, Exchange House, Midsummer Boulevard,
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 BAM Nuttall Limited
J23 P&R HPC Postal Consolidation Centre, Huntsworth Business
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 Clancy Docwra Limited
Thames Water Offices, Clear Water Court, Vastern Rd,
Reading, RG1 8DB
Luton People Mover
a joint arrangement between Kier Infrastructure and Overseas Limited and VolkerFitzpatrick Limited
Hertford Road, Hoddesdon, EN11 9BX
Mersey Gateway
a joint arrangement between Kier Infrastructure and Overseas Limited, Samsung C&T ECUK
Forward Point, Tan House Lane, Widnes, WA8 0SL
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 Construction Limited
Campsie House, Buchanan Business Park, Cumbernauld Road,
Defence (Clyde) 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
STEP
a joint arrangement between Kier Infrastructure Services Limited and Nuvia Limited
STEP Fusion Program Site, Former West Burton Power Station,
Retford, Nottinghamshire, DN22 9BL
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
27/F, One Taikoo Place, 979 King\u2019s Road, Quarry Bay, 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. 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.
3. 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.
4. Interests in the above joint ventures are held by subsidiary undertakings.
5. The joint ventures where the Group has an interest in excess of 50% are still considered joint ventures
as the Group has joint control.
6. 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-508": { "value": "16 Investments in and loans to joint ventures (a) Movements in year
2026 2025
\u00a3m \u00a3m
Investments in joint ventures
At 1 July
145.8
91.7
Additions
55.6
76.4
Disposals
\u2013
(7.0)
Loan repayments and return of equity
(33.6)
(9.9)
Share of:
\u2013 Operating profit/(loss)
2.7
(0.4)
\u2013 Finance costs
(9.2)
(0.9)
\u2013 Tax income/(expense)
0.9
(0.2)
Post-tax results of joint ventures
(5.6)
(1.5)
Dividends received
(3.5)
(3.9)
At 30 June
158.7
145.8
(b) Interests in joint ventures Set out below are the joint ventures of the Group as at 30 June 2026 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 2026 2025
Name of entity 2026 2025 \u00a3m \u00a3m
Kier Cornwall Street
90%/50%
90%/50%
25.1
32.9
Solum Regeneration
50%/50%
50%/50%
24.2
25.0
Southwark
90%/50%
90%/50%
37.0
23.3
Immaterial joint ventures
72.4
64.6
158.7
145.8
All material joint ventures are incorporated in England and Wales and are in the Group\u2019s Property division. The Solum Regeneration joint venture has a March year-end reporting date, to coincide with that of the joint venture partner. Solum Regeneration prepares, for consolidation purposes, additional financial information as of the same date as the financial statements of the Group to enable the Group to account for the joint venture under the equity method in its consolidated financial statements. (c) Borrowing facilities and guarantees to joint ventures The Group has provided guarantees to support borrowing facilities of joint ventures as follows:
2026
2025
Borrowing Drawn Borrowing Drawn
facility Guarantees at 30 June facility Guarantees at 30 June
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Kier Trade City
14.2
2.7
13.4
35.4
9.0
17.1
Kier Cornwall Street
48.8
6.3
45.8
\u2013
\u2013
\u2013
Kier Countryside
35.3
5.0
32.0
\u2013
\u2013
\u2013
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 and reporting date.
Kier Cornwall Street
Solum Regeneration
Southwark
2026 2025 2026 2025 2026 2025
Summarised balance sheet \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
\u2013
\u2013
\u2013
\u2013
\u2013
4.9
Current assets
Cash and cash equivalents
\u2013
0.2
1.9
0.4
4.7
0.3
Other current assets
71.0
68.2
50.8
53.9
78.3
45.9
Total current assets
71.0
68.4
52.7
54.3
5.2
46.2
Current liabilities
Other current liabilities
(0.3)
(0.5)
(4.3)
(4.3)
(2.0)
(15.9)
Total current liabilities
(0.3)
(0.5)
(4.3)
(4.3)
(2.0)
(15.9)
Non-current liabilities
Financial liabilities (excluding trade payables)
(45.3)
(34.3)
\u2013
\u2013
(42.3)
(6.7)
Total non-current liabilities
(45.3)
(34.3)
\u2013
\u2013
(42.3)
(6.7)
Net assets
25.4
33.6
48.4
50.0
43.9
28.5
Group\u2019s share (%)
90%
90%
50%
50%
90%
90%
Group\u2019s share
22.9
30.2
24.2
25.0
39.5
25.7
Capital introduced on behalf of joint venture partner
2.3
2.7
\u2013
\u2013
\u2013
\u2013
Elimination of unrealised profit on downstream transactions
\u2013
\u2013
\u2013
\u2013
(2.4)
(2.4)
Investment in joint venture
25.2
32.9
24.2
25.0
37.1
23.3
Kier Cornwall Street
Solum Regeneration
Southwark
2026 2025 2026 2025 2026 2025
Summarised income statement \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1.2
\u2013
30.9
0.1
\u2013
\u2013
Finance costs
(3.7)
(0.9)
\u2013
\u2013
(0.9)
\u2013
Taxation
\u2013
\u2013
(0.4)
\u2013
\u2013
\u2013
(Loss)/profit for the year from continuing operations
(4.0)
0.9
0.5
(1.8)
0.9
\u2013
(Loss)/profit for the year
(4.0)
0.9
0.5
(1.8)
0.9
\u2013
Total comprehensive (expense)/income
(4.0)
0.9
0.5
(1.8)
0.9
\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.
2026 2025
\u00a3m \u00a3m
Aggregate carrying amount of individually immaterial
joint ventures
72.4
64.6
Dividends received from individually immaterial joint ventures
3.5
3.9
Aggregate amounts of the Group\u2019s share of:
Loss from continuing operations
(1.6)
(1.4)
Total comprehensive expense
(1.6)
(1.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-485": { "value": "16 Investments in and loans to joint ventures (a) Movements in year
2026 2025
\u00a3m \u00a3m
Investments in joint ventures
At 1 July
145.8
91.7
Additions
55.6
76.4
Disposals
\u2013
(7.0)
Loan repayments and return of equity
(33.6)
(9.9)
Share of:
\u2013 Operating profit/(loss)
2.7
(0.4)
\u2013 Finance costs
(9.2)
(0.9)
\u2013 Tax income/(expense)
0.9
(0.2)
Post-tax results of joint ventures
(5.6)
(1.5)
Dividends received
(3.5)
(3.9)
At 30 June
158.7
145.8
(b) Interests in joint ventures Set out below are the joint ventures of the Group as at 30 June 2026 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 2026 2025
Name of entity 2026 2025 \u00a3m \u00a3m
Kier Cornwall Street
90%/50%
90%/50%
25.1
32.9
Solum Regeneration
50%/50%
50%/50%
24.2
25.0
Southwark
90%/50%
90%/50%
37.0
23.3
Immaterial joint ventures
72.4
64.6
158.7
145.8
All material joint ventures are incorporated in England and Wales and are in the Group\u2019s Property division. The Solum Regeneration joint venture has a March year-end reporting date, to coincide with that of the joint venture partner. Solum Regeneration prepares, for consolidation purposes, additional financial information as of the same date as the financial statements of the Group to enable the Group to account for the joint venture under the equity method in its consolidated financial statements. (c) Borrowing facilities and guarantees to joint ventures The Group has provided guarantees to support borrowing facilities of joint ventures as follows:
2026
2025
Borrowing Drawn Borrowing Drawn
facility Guarantees at 30 June facility Guarantees at 30 June
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Kier Trade City
14.2
2.7
13.4
35.4
9.0
17.1
Kier Cornwall Street
48.8
6.3
45.8
\u2013
\u2013
\u2013
Kier Countryside
35.3
5.0
32.0
\u2013
\u2013
\u2013
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 and reporting date.
Kier Cornwall Street
Solum Regeneration
Southwark
2026 2025 2026 2025 2026 2025
Summarised balance sheet \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
\u2013
\u2013
\u2013
\u2013
\u2013
4.9
Current assets
Cash and cash equivalents
\u2013
0.2
1.9
0.4
4.7
0.3
Other current assets
71.0
68.2
50.8
53.9
78.3
45.9
Total current assets
71.0
68.4
52.7
54.3
5.2
46.2
Current liabilities
Other current liabilities
(0.3)
(0.5)
(4.3)
(4.3)
(2.0)
(15.9)
Total current liabilities
(0.3)
(0.5)
(4.3)
(4.3)
(2.0)
(15.9)
Non-current liabilities
Financial liabilities (excluding trade payables)
(45.3)
(34.3)
\u2013
\u2013
(42.3)
(6.7)
Total non-current liabilities
(45.3)
(34.3)
\u2013
\u2013
(42.3)
(6.7)
Net assets
25.4
33.6
48.4
50.0
43.9
28.5
Group\u2019s share (%)
90%
90%
50%
50%
90%
90%
Group\u2019s share
22.9
30.2
24.2
25.0
39.5
25.7
Capital introduced on behalf of joint venture partner
2.3
2.7
\u2013
\u2013
\u2013
\u2013
Elimination of unrealised profit on downstream transactions
\u2013
\u2013
\u2013
\u2013
(2.4)
(2.4)
Investment in joint venture
25.2
32.9
24.2
25.0
37.1
23.3
Kier Cornwall Street
Solum Regeneration
Southwark
2026 2025 2026 2025 2026 2025
Summarised income statement \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1.2
\u2013
30.9
0.1
\u2013
\u2013
Finance costs
(3.7)
(0.9)
\u2013
\u2013
(0.9)
\u2013
Taxation
\u2013
\u2013
(0.4)
\u2013
\u2013
\u2013
(Loss)/profit for the year from continuing operations
(4.0)
0.9
0.5
(1.8)
0.9
\u2013
(Loss)/profit for the year
(4.0)
0.9
0.5
(1.8)
0.9
\u2013
Total comprehensive (expense)/income
(4.0)
0.9
0.5
(1.8)
0.9
\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.
2026 2025
\u00a3m \u00a3m
Aggregate carrying amount of individually immaterial
joint ventures
72.4
64.6
Dividends received from individually immaterial joint ventures
3.5
3.9
Aggregate amounts of the Group\u2019s share of:
Loss from continuing operations
(1.6)
(1.4)
Total comprehensive expense
(1.6)
(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 and Countryside JV No1 LLP
13
50%
Kier Bishops Stortford Holdings Limited
1
90%
Kier Bishops Stortford 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
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 Holdings 2 Limited
1
50%
Kier HGP Holdings LLP
1
50%
Kier HGP Tunbridge Wells LLP
1
50%
Kier HGP Weybridge LLP (formerly Kier HGP Devco 2 LLP)
1
50%
Registered Interest
Company name
office
1
held
Kier Maidenhead Holdings 1 LLP
1
90%
Kier Maidenhead Holdings 2 LLP
1
90%
Kier Maidenhead LLP
1
90%
Kier Logistics (Bognor) Ltd
1
90%
Kier Logistics (Milton Keynes) Ltd
1
90%
Kier 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 Sharston Limited
1
90%
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%
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 (Greenwich) LLP
(formerly Solum Regeneration (Haywards) LLP)
1
50%
Registered Interest
Company name
office
1
held
Solum Regeneration (Harrow) LLP
(formerly Solum Regeneration (Walthamstow) LLP)
1
50%
Solum Regeneration (Kingswood) LLP
1
50%
Solum Regeneration (Redhill) LLP
1
50%
Solum Regeneration (Surbiton) LLP
1
50%
Solum Regeneration (Twickenham) LLP
1
50%
Solum Regeneration (Walton) LLP
(formerly Solum Regeneration (Maidstone) 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
10%
Watford Health Campus Neighbourhood Square 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
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 184.
Joint operation name
Description
Trading address
Deephams
a joint arrangement between Kier Infrastructure and Overseas Limited, J Murphy & Sons Limited,
Deephams Sewage Treatment Wales, Pickett\u2019s Lock Lane,
and Aecom Limited Edmonton, N9 0BA
Devonport
a joint arrangement between Kier Infrastructure and Overseas Limited and BAM Nuttall Limited
St. James House, Knoll Road, Camberley, Surrey, GU15 3XW
EKFB
a joint arrangement between Kier Infrastructure and Overseas Limited, Eiffage G\u00e9nie Civil,
5th Floor, Exchange House, Midsummer Boulevard,
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 BAM Nuttall Limited
J23 P&R HPC Postal Consolidation Centre, Huntsworth Business
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 Clancy Docwra Limited
Thames Water Offices, Clear Water Court, Vastern Rd,
Reading, RG1 8DB
Luton People Mover
a joint arrangement between Kier Infrastructure and Overseas Limited and VolkerFitzpatrick Limited
Hertford Road, Hoddesdon, EN11 9BX
Mersey Gateway
a joint arrangement between Kier Infrastructure and Overseas Limited, Samsung C&T ECUK
Forward Point, Tan House Lane, Widnes, WA8 0SL
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 Construction Limited
Campsie House, Buchanan Business Park, Cumbernauld Road,
Defence (Clyde) 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
STEP
a joint arrangement between Kier Infrastructure Services Limited and Nuvia Limited
STEP Fusion Program Site, Former West Burton Power Station,
Retford, Nottinghamshire, DN22 9BL
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-527": { "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 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
Credited/(charged) to income
statement \u2013 continuing
4.5
(4.0)
0.7
(0.1)
(9.7)
(8.6)
Charged directly to
comprehensive income
\u2013
\u2013
\u2013
(2.9)
\u2013
(2.9)
Credited directly to equity
\u2013
\u2013
2.5
\u2013
\u2013
2.5
At 30 June 2026
(1.8)
6.3
47.5
(14.8)
90.5
127.7
1. Included in short-term temporary differences are deferred tax assets of \u00a316.2m (2025: \u00a315.0m) in respect of RDEC Step 2 amounts carried forward and \u00a326.7m (2025: \u00a327.4m) 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
2026 2025 2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant
and equipment
6.3
10.3
\u2013
\u2013
6.3
10.3
Intangible assets
\u2013
\u2013
(1.8)
(6.3)
(1.8)
(6.3)
Retirement
benefit obligations
\u2013
\u2013
(14.8)
(11.8)
(14.8)
(11.8)
Other short-term
timing differences
47.5
44.3
\u2013
\u2013
47.5
44.3
Tax losses
90.5
100.2
\u2013
\u2013
90.5
100.2
Total
144.3
154.8
(16.6)
(18.1)
127.7
136.7
Set-off tax
(16.6)
(18.1)
16.6
18.1
\u2013
\u2013
Net deferred
tax assets
127.7
136.7
\u2013
\u2013
127.7
136.7
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 is 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 2026; \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 five years (2025: seven years). 18 Contract assets and liabilities (a) Current contract assets
2026 2025
\u00a3m \u00a3m
At 1 July
317.0
304.5
Transferred to receivables
(285.3)
(276.9)
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
(6.4)
1.2
Balance remaining in relation to contract assets at the start
of the year
25.3
28.8
Increase related to services provided in the year
405.1
288.2
At 30 June
430.4
317.0
(b) Non-current contract assets
2026 2025
\u00a3m \u00a3m
At 1 July
57.0
53.6
Increase related to services provided in the year
\u2013
3.4
At 30 June
57.0
57.0
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
2026 2025
\u00a3m \u00a3m
At 1 July
(168.0)
(128.4)
Revenue recognised in the year that was included in contract
liabilities at the beginning of the year
152.5
123.5
Contract liabilities repaid
0.4
0.9
Balance remaining in relation to contract liabilities at the
start of the year
(15.1)
(4.0)
Increase due to cash received or invoices raised in the year
for performance obligations not recognised in revenue
(277.8)
(164.0)
At 30 June
(292.9)
(168.0)
23 Trade and other payables
2026 2025
\u00a3m \u00a3m
Current:
Trade payables
285.6
311.0
Accruals
617.6
580.7
Subcontract retentions
34.8
37.1
Other taxation and social security
178.2
168.1
Other payables and deferred income
18.0
8.8
1,134.2
1,105.7
Non-current:
Subcontract retentions
20.9
19.1
20.9
19.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-524": { "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 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
Credited/(charged) to income
statement \u2013 continuing
4.5
(4.0)
0.7
(0.1)
(9.7)
(8.6)
Charged directly to
comprehensive income
\u2013
\u2013
\u2013
(2.9)
\u2013
(2.9)
Credited directly to equity
\u2013
\u2013
2.5
\u2013
\u2013
2.5
At 30 June 2026
(1.8)
6.3
47.5
(14.8)
90.5
127.7
1. Included in short-term temporary differences are deferred tax assets of \u00a316.2m (2025: \u00a315.0m) in respect of RDEC Step 2 amounts carried forward and \u00a326.7m (2025: \u00a327.4m) 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
2026 2025 2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant
and equipment
6.3
10.3
\u2013
\u2013
6.3
10.3
Intangible assets
\u2013
\u2013
(1.8)
(6.3)
(1.8)
(6.3)
Retirement
benefit obligations
\u2013
\u2013
(14.8)
(11.8)
(14.8)
(11.8)
Other short-term
timing differences
47.5
44.3
\u2013
\u2013
47.5
44.3
Tax losses
90.5
100.2
\u2013
\u2013
90.5
100.2
Total
144.3
154.8
(16.6)
(18.1)
127.7
136.7
Set-off tax
(16.6)
(18.1)
16.6
18.1
\u2013
\u2013
Net deferred
tax assets
127.7
136.7
\u2013
\u2013
127.7
136.7
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 is 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 2026; \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 five years (2025: seven years). 18 Contract assets and liabilities (a) Current contract assets
2026 2025
\u00a3m \u00a3m
At 1 July
317.0
304.5
Transferred to receivables
(285.3)
(276.9)
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
(6.4)
1.2
Balance remaining in relation to contract assets at the start
of the year
25.3
28.8
Increase related to services provided in the year
405.1
288.2
At 30 June
430.4
317.0
(b) Non-current contract assets
2026 2025
\u00a3m \u00a3m
At 1 July
57.0
53.6
Increase related to services provided in the year
\u2013
3.4
At 30 June
57.0
57.0
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
2026 2025
\u00a3m \u00a3m
At 1 July
(168.0)
(128.4)
Revenue recognised in the year that was included in contract
liabilities at the beginning of the year
152.5
123.5
Contract liabilities repaid
0.4
0.9
Balance remaining in relation to contract liabilities at the
start of the year
(15.1)
(4.0)
Increase due to cash received or invoices raised in the year
for performance obligations not recognised in revenue
(277.8)
(164.0)
At 30 June
(292.9)
(168.0)
19 Trade and other receivables
2026 2025
\u00a3m \u00a3m
Current:
Trade receivables
75.1
50.5
Construction contract retentions
55.4
56.6
Amounts receivable from joint ventures
5.7
11.4
Other receivables
66.3
42.8
Prepayments
52.5
34.8
Accrued income
0.9
6.7
255.9
202.8
Non-current:
Construction contract retentions
17.3
24.5
Capitalised mobilisation costs
6.0
3.3
Other
12.5
2.2
35.8
30.0
Construction contract retentions are amounts withheld by the customer until they are satisfied with the quality of the work undertaken. \u00a31.3m of capitalised mobilisation costs were amortised during the year (2025: \u00a33.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-509": { "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 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
Credited/(charged) to income
statement \u2013 continuing
4.5
(4.0)
0.7
(0.1)
(9.7)
(8.6)
Charged directly to
comprehensive income
\u2013
\u2013
\u2013
(2.9)
\u2013
(2.9)
Credited directly to equity
\u2013
\u2013
2.5
\u2013
\u2013
2.5
At 30 June 2026
(1.8)
6.3
47.5
(14.8)
90.5
127.7
1. Included in short-term temporary differences are deferred tax assets of \u00a316.2m (2025: \u00a315.0m) in respect of RDEC Step 2 amounts carried forward and \u00a326.7m (2025: \u00a327.4m) 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
2026 2025 2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant
and equipment
6.3
10.3
\u2013
\u2013
6.3
10.3
Intangible assets
\u2013
\u2013
(1.8)
(6.3)
(1.8)
(6.3)
Retirement
benefit obligations
\u2013
\u2013
(14.8)
(11.8)
(14.8)
(11.8)
Other short-term
timing differences
47.5
44.3
\u2013
\u2013
47.5
44.3
Tax losses
90.5
100.2
\u2013
\u2013
90.5
100.2
Total
144.3
154.8
(16.6)
(18.1)
127.7
136.7
Set-off tax
(16.6)
(18.1)
16.6
18.1
\u2013
\u2013
Net deferred
tax assets
127.7
136.7
\u2013
\u2013
127.7
136.7
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 is 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 2026; \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 five years (2025: seven years). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-486": { "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 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
Credited/(charged) to income
statement \u2013 continuing
4.5
(4.0)
0.7
(0.1)
(9.7)
(8.6)
Charged directly to
comprehensive income
\u2013
\u2013
\u2013
(2.9)
\u2013
(2.9)
Credited directly to equity
\u2013
\u2013
2.5
\u2013
\u2013
2.5
At 30 June 2026
(1.8)
6.3
47.5
(14.8)
90.5
127.7
1. Included in short-term temporary differences are deferred tax assets of \u00a316.2m (2025: \u00a315.0m) in respect of RDEC Step 2 amounts carried forward and \u00a326.7m (2025: \u00a327.4m) 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
2026 2025 2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant
and equipment
6.3
10.3
\u2013
\u2013
6.3
10.3
Intangible assets
\u2013
\u2013
(1.8)
(6.3)
(1.8)
(6.3)
Retirement
benefit obligations
\u2013
\u2013
(14.8)
(11.8)
(14.8)
(11.8)
Other short-term
timing differences
47.5
44.3
\u2013
\u2013
47.5
44.3
Tax losses
90.5
100.2
\u2013
\u2013
90.5
100.2
Total
144.3
154.8
(16.6)
(18.1)
127.7
136.7
Set-off tax
(16.6)
(18.1)
16.6
18.1
\u2013
\u2013
Net deferred
tax assets
127.7
136.7
\u2013
\u2013
127.7
136.7
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 is 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 2026; \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 five years (2025: seven years). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-450": { "value": "
18 Contract assets and liabilities
(a) Current contract assets
2026 2025
\u00a3m \u00a3m
At 1 July
317.0
304.5
Transferred to receivables
(285.3)
(276.9)
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
(6.4)
1.2
Balance remaining in relation to contract assets at the start
of the year
25.3
28.8
Increase related to services provided in the year
405.1
288.2
At 30 June
430.4
317.0
(b) Non-current contract assets
2026 2025
\u00a3m \u00a3m
At 1 July
57.0
53.6
Increase related to services provided in the year
\u2013
3.4
At 30 June
57.0
57.0
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
2026 2025
\u00a3m \u00a3m
At 1 July
(168.0)
(128.4)
Revenue recognised in the year that was included in contract
liabilities at the beginning of the year
152.5
123.5
Contract liabilities repaid
0.4
0.9
Balance remaining in relation to contract liabilities at the
start of the year
(15.1)
(4.0)
Increase due to cash received or invoices raised in the year
for performance obligations not recognised in revenue
(277.8)
(164.0)
At 30 June
(292.9)
(168.0)
", "dimensions": { "concept": "kiergroupplc:DisclosureOfContractAssetsAndLiabilities", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-510": { "value": "(a) Current contract assets
2026 2025
\u00a3m \u00a3m
At 1 July
317.0
304.5
Transferred to receivables
(285.3)
(276.9)
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
(6.4)
1.2
Balance remaining in relation to contract assets at the start
of the year
25.3
28.8
Increase related to services provided in the year
405.1
288.2
At 30 June
430.4
317.0
19 Trade and other receivables
2026 2025
\u00a3m \u00a3m
Current:
Trade receivables
75.1
50.5
Construction contract retentions
55.4
56.6
Amounts receivable from joint ventures
5.7
11.4
Other receivables
66.3
42.8
Prepayments
52.5
34.8
Accrued income
0.9
6.7
255.9
202.8
Non-current:
Construction contract retentions
17.3
24.5
Capitalised mobilisation costs
6.0
3.3
Other
12.5
2.2
35.8
30.0
Construction contract retentions are amounts withheld by the customer until they are satisfied with the quality of the work undertaken. \u00a31.3m of capitalised mobilisation costs were amortised during the year (2025: \u00a33.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-519": { "value": "(b) Non-current contract assets
2026 2025
\u00a3m \u00a3m
At 1 July
57.0
53.6
Increase related to services provided in the year
\u2013
3.4
At 30 June
57.0
57.0
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
2026 2025
\u00a3m \u00a3m
Current:
Trade receivables
75.1
50.5
Construction contract retentions
55.4
56.6
Amounts receivable from joint ventures
5.7
11.4
Other receivables
66.3
42.8
Prepayments
52.5
34.8
Accrued income
0.9
6.7
255.9
202.8
Non-current:
Construction contract retentions
17.3
24.5
Capitalised mobilisation costs
6.0
3.3
Other
12.5
2.2
35.8
30.0
Construction contract retentions are amounts withheld by the customer until they are satisfied with the quality of the work undertaken. \u00a31.3m of capitalised mobilisation costs were amortised during the year (2025: \u00a33.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-487": { "value": "(c) Current contract liabilities
2026 2025
\u00a3m \u00a3m
At 1 July
(168.0)
(128.4)
Revenue recognised in the year that was included in contract
liabilities at the beginning of the year
152.5
123.5
Contract liabilities repaid
0.4
0.9
Balance remaining in relation to contract liabilities at the
start of the year
(15.1)
(4.0)
Increase due to cash received or invoices raised in the year
for performance obligations not recognised in revenue
(277.8)
(164.0)
At 30 June
(292.9)
(168.0)
23 Trade and other payables
2026 2025
\u00a3m \u00a3m
Current:
Trade payables
285.6
311.0
Accruals
617.6
580.7
Subcontract retentions
34.8
37.1
Other taxation and social security
178.2
168.1
Other payables and deferred income
18.0
8.8
1,134.2
1,105.7
Non-current:
Subcontract retentions
20.9
19.1
20.9
19.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-451": { "value": "
19 Trade and other receivables
2026 2025
\u00a3m \u00a3m
Current:
Trade receivables
75.1
50.5
Construction contract retentions
55.4
56.6
Amounts receivable from joint ventures
5.7
11.4
Other receivables
66.3
42.8
Prepayments
52.5
34.8
Accrued income
0.9
6.7
255.9
202.8
Non-current:
Construction contract retentions
17.3
24.5
Capitalised mobilisation costs
6.0
3.3
Other
12.5
2.2
35.8
30.0
Construction contract retentions are amounts withheld by the customer until they are
satisfied with the quality of the work undertaken.
\u00a31.3m of capitalised mobilisation costs were amortised during the year (2025: \u00a33.5m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-488": { "value": "19 Trade and other receivables
2026 2025
\u00a3m \u00a3m
Current:
Trade receivables
75.1
50.5
Construction contract retentions
55.4
56.6
Amounts receivable from joint ventures
5.7
11.4
Other receivables
66.3
42.8
Prepayments
52.5
34.8
Accrued income
0.9
6.7
255.9
202.8
Non-current:
Construction contract retentions
17.3
24.5
Capitalised mobilisation costs
6.0
3.3
Other
12.5
2.2
35.8
30.0
Construction contract retentions are amounts withheld by the customer until they are satisfied with the quality of the work undertaken. \u00a31.3m of capitalised mobilisation costs were amortised during the year (2025: \u00a33.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-452": { "value": "
20 Inventories
2026 2025
\u00a3m \u00a3m
Raw materials and consumables
12.4
16.8
Land and work in progress held for development
52.2
48.8
64.6
65.6
As at 30 June 2026, there were no provisions held against inventory relating to land
and work in progress for development (2025: \u00a31.9m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-453": { "value": "
21 Net cash
2026 2025
\u00a3m \u00a3m
Cash and cash equivalents
1,899.6
1,689.4
Bank overdrafts
(1,402.0)
(1,221.4)
Net cash, cash equivalents and bank overdrafts
497.6
468.0
Borrowings due after one year
(265.2)
(263.9)
Net cash
1
232.4
204.1
1. \u2018Net cash\u2019 is an alternative performance measure, see page 191.
Average month-end net cash was \u00a310.7m (2025: \u00a349.2m debt). Net cash/(debt)
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 \u00a3123.4m (2025: \u00a3111.2m) 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 \u00a367.4m (2025: \u00a392.2m) 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
2026
2025
Trade and Trade and
other other
Inventories receivables Inventories receivables
\u00a3m \u00a3m \u00a3m \u00a3m
1 July balance sheet
65.6
232.8
74.0
265.8
30 June balance sheet
64.6
291.7
65.6
232.8
Movement per balance sheet
(1.0)
58.9
(8.4)
(33.0)
Transfer to investment properties
6.2
\u2013
\u2013
\u2013
RDEC income
\u2013
\u2013
\u2013
41.0
Net RDEC receipts
\u2013
\u2013
\u2013
(29.0)
Tax on RDEC income
\u2013
11.1
\u2013
\u2013
Green car scheme lease additions
\u2013
(19.4)
\u2013
\u2013
Movements in capitalised
mobilisation costs
\u2013
(2.7)
\u2013
1.6
Non-cash movements arising from
acquisition and disposal of property
\u2013
\u2013
6.4
\u2013
Other
\u2013
\u2013
\u2013
(0.2)
Movement per cash flow statement
5.2
47.9
(2.0)
(19.6)
2026
2025
Trade and Trade and
other other
payables Provisions payables Provisions
\u00a3m \u00a3m \u00a3m \u00a3m
1 July balance sheet
(1,124.8)
(79.2)
(1,138.2)
(77.2)
30 June balance sheet
(1,155.1)
(108.2)
(1,124.8)
(79.2)
Movement per balance sheet
(30.3)
(29.0)
13.4
(2.0)
Tax owed to joint ventures
\u2013
\u2013
(2.1)
\u2013
Deferred payment on acquisition
of joint venture
\u2013
\u2013
8.5
\u2013
Deferred tax on acquisition
of joint venture
\u2013
\u2013
0.6
\u2013
Discount unwind
0.2
\u2013
0.1
\u2013
Movement per cash flow statement
(30.1)
(29.0)
20.5
(2.0)
(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 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
Cash flows
29.6
\u2013
\u2013
\u2013
29.6
Capitalised
loan fees
\u2013
\u2013
1.6
\u2013
1.6
Amortisation
of capitalised
loan fees
\u2013
\u2013
(2.9)
\u2013
(2.9)
Net cash/
(borrowings)
as at 30 June 2026
497.6
\u2013
(265.2)
\u2013
232.4
(c) Reconciliation of movements in liabilities arising from financing activities
Hedging Lease
Borrowings derivatives liabilities
\u00a3m \u00a3m \u00a3m
(Liabilities)/assets as at 1 July 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)
Changes from financing cash flows:
\u2013 Repayment of borrowings/principal elements
of lease payments
\u2013
\u2013
53.2
Non-cash movements:
\u2013 Net lease additions
\u2013
\u2013
(80.1)
\u2013 Capitalised loan fees
1.6
\u2013
\u2013
\u2013 Amortisation of capitalised loan fees
(2.9)
\u2013
\u2013
Liabilities as at 30 June 2026
(265.2)
\u2013
(178.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-489": { "value": "(c) Reconciliation of movements in liabilities arising from financing activities
Hedging Lease
Borrowings derivatives liabilities
\u00a3m \u00a3m \u00a3m
(Liabilities)/assets as at 1 July 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)
Changes from financing cash flows:
\u2013 Repayment of borrowings/principal elements
of lease payments
\u2013
\u2013
53.2
Non-cash movements:
\u2013 Net lease additions
\u2013
\u2013
(80.1)
\u2013 Capitalised loan fees
1.6
\u2013
\u2013
\u2013 Amortisation of capitalised loan fees
(2.9)
\u2013
\u2013
Liabilities as at 30 June 2026
(265.2)
\u2013
(178.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-454": { "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 39 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 \u00a3135.6m (2025: \u00a3138.2m). The assets leased under short-term leases include small
items of plant and equipment which 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 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
Additions
15.4
25.5
52.2
93.1
Depreciation
(7.0)
(10.0)
(30.8)
(47.8)
Disposals
(0.4)
(19.9)
(11.3)
(31.6)
At 30 June 2026
46.6
21.6
42.0
110.2
(c) Lease liabilities
2026 2025
\u00a3m \u00a3m
Current
52.7
40.8
Non-current
125.3
110.3
178.0
151.1
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
2026 2025
\u00a3m \u00a3m
Principal elements of lease payments
1
53.2
47.5
Interest paid
1
10.4
9.1
Payments for short-term leases and leases of low-value assets
2
135.6
138.2
Total cash outflow for leases
199.2
194.8
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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-490": { "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 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
Additions
15.4
25.5
52.2
93.1
Depreciation
(7.0)
(10.0)
(30.8)
(47.8)
Disposals
(0.4)
(19.9)
(11.3)
(31.6)
At 30 June 2026
46.6
21.6
42.0
110.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-455": { "value": "
23 Trade and other payables
2026 2025
\u00a3m \u00a3m
Current:
Trade payables
285.6
311.0
Accruals
617.6
580.7
Subcontract retentions
34.8
37.1
Other taxation and social security
178.2
168.1
Other payables and deferred income
18.0
8.8
1,134.2
1,105.7
Non-current:
Subcontract retentions
20.9
19.1
20.9
19.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-520": { "value": "23 Trade and other payables
2026 2025
\u00a3m \u00a3m
Current:
Trade payables
285.6
311.0
Accruals
617.6
580.7
Subcontract retentions
34.8
37.1
Other taxation and social security
178.2
168.1
Other payables and deferred income
18.0
8.8
1,134.2
1,105.7
Non-current:
Subcontract retentions
20.9
19.1
20.9
19.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-511": { "value": "23 Trade and other payables
2026 2025
\u00a3m \u00a3m
Current:
Trade payables
285.6
311.0
Accruals
617.6
580.7
Subcontract retentions
34.8
37.1
Other taxation and social security
178.2
168.1
Other payables and deferred income
18.0
8.8
1,134.2
1,105.7
Non-current:
Subcontract retentions
20.9
19.1
20.9
19.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-456": { "value": "
24 Provisions
Warranty,
rectification
and other
Onerous contractual
Self-insurance contracts obligations Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 July 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
Charged to
income statement
12.4
3.6
31.0
\u2013
47.0
Utilised
(6.0)
(8.3)
(14.1)
\u2013
(28.4)
Unwinding
of discount
\u2013
0.2
\u2013
\u2013
0.2
Transfer
from creditors
\u2013
10.2
\u2013
\u2013
10.2
At 30 June 2026
27.4
9.9
70.1
0.8
108.2
Expected utilisation
Within one year
13.5
7.2
60.1
0.8
81.6
After one year
13.9
2.7
10.0
\u2013
26.6
At 30 June 2026
27.4
9.9
70.1
0.8
108.2
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
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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-457": { "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 2026
was as follows:
Sharesave Sharesave Sharesave Sharesave
Scheme Scheme Scheme Scheme
2 November 31 October 29 October 29 October
2022 2023 2024
2025
Total
Number of options
Directors
\u2013
\u2013
2,506
1,375
3,881
Employees
20,290
5,362,415
6,072,063
4,271,629
15,726,397
20,290
5,362,415
6,074,569
4,273,004
15,730,278
Exercise price (pence)
55
90
111
199
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 is 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.
4,477,479 options were granted in the year (2025: 6,968,114) under the Sharesave
Scheme, which will all be equity settled.
7,020,149 Sharesave Scheme options were exercised during the year (2025: 5,502,245).
The weighted average market price of Kier Group plc shares at the date of exercise
of Sharesave Scheme options during the year was 219.5p (2025: 146.4p).
Long-Term Incentive Plan
The number of awards over the Company\u2019s Ordinary Shares outstanding at 30 June 2026
was as follows:
LTIP LTIP LTIP
awards awards awards
FY24 FY25
FY26
Total
Number of awards
Directors
2,383,193
1,321,219
1,091,923
4,796,335
Employees
5,661,168
4,327,566
3,774,609
13,763,343
8,044,361
5,648,785
4,866,532
18,559,678
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. Under the rules of the LTIP scheme, the Group
has the option of settling the awards with shares or with a cash payment equal to the
market value of the shares. However, as it is the Group\u2019s intention to settle the awards
with shares and there is no present obligation to settle with cash, the LTIP awards are
recognised and measured as equity-settled share-based payments. Directors\u2019 awards
are subject to a two-year post-vesting holding period and malus and clawback provisions.
5,398,271 new options were granted under the LTIP scheme in the year (2025: 6,910,466)
and 9,130,328 options vested during the year (2025: 6,828,573). The weighted average
market price of Kier Group plc shares at the date of exercise of LTIP options during the
year was 222.0p (2025: 143.2p).
Further description of the above share schemes and the terms and conditions of each
scheme is included in the Directors\u2019 Remuneration report on pages 85\u2013117.
Recruitment award
A Recruitment award of 56,003 share options was granted to the Group\u2019s new Chief
Financial Officer to compensate for payments forfeited from his previous employment.
The Recruitment Award options have no performance conditions, other than the
requirement to remain employed by the Group, have a zero exercise price and will
vest in March 2027.
Shares held in trusts
The LTIP awards and Sharesave options 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 trust 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 trust are as follows:
2026
2025
Historic Historic
Number cost value Number cost value
of shares \u00a3m of shares \u00a3m
At 1 July
9,944,522
14.3
11,804,281
9.0
Acquired during the year
15,807,662
33.9
10,366,433
14.8
Issued in satisfaction of share
scheme awards
(16,640,283)
(28.9)
(11,849,888)
(9.3)
Issued in satisfaction of deferred
bonus schemes
(121,626)
(0.2)
(376,304)
(0.2)
At 30 June
8,990,275
19.1
9,944,522
14.3
The market value of these shares at 30 June 2026 was \u00a319.6m (2025: \u00a320.8m).
The shares acquired by the trust in the year at a cost of \u00a333.9m (2025: \u00a314.8m), net
of cash received in respect of the deferred bonus schemes of \u00a30.3m (2025: \u00a30.5m) and
Sharesave option price proceeds of \u00a33.9m (2025: \u00a34.6m), is reflected in the statement
of changes in equity as a net cost of purchase of own shares of \u00a329.7m (2025 \u00a39.7m).
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:
2026
2025
Recruitment
Scheme
Sharesave
LTIP
LTIP (Directors)
LTIP
LTIP (Directors)
Award
Sharesave
LTIP
LTIP (Directors)
29 October 13 October 13 October 10 March 10 March 10 March 29 October 11 October 11 October
Date of grant 2025 2025 2025 2026 2026 2026 2024 2024 2024
Share price at grant (pence)
227.0
230.0
230.0
216.0
216.0
216.0
145.0
137.0
137.0
Exercise price (pence)
199.0
nil
nil
nil
nil
nil
111.0
nil
nil
Expected term (years)
3.3
3.0
3.0
2.6
2.6
1.0
3.3
3.0
3.0
Holding period (years)
n/a
n/a
2.0
n/a
2.0
n/a
n/a
n/a
2.0
Expected volatility
32.7%
33.3%
32.7%
33.3%
32.7%
n/a
30.5%
30.8%
31.0%
Dividend yield
3.17%
n/a
n/a
n/a
n/a
n/a
3.55%
n/a
n/a
Risk-free interest rate
3.34%
3.78%
4.11%
3.78%
3.95%
n/a
4.08%
3.97%
4.08%
Value per option (pence):
\u2013 Sharesave/Recruitment Award
60.0
\u2013
\u2013
\u2013
\u2013
216.0
43.8
\u2013
\u2013
\u2013 LTIP market condition (25%)
\u2013
183.8
172.0
172.6
161.5
\u2013
\u2013
79.9
75.0
\u2013 LTIP non-market condition (75%)
\u2013
230.0
215.2
216.0
202.1
\u2013
\u2013
137.0
128.7
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 \u00a311.2m relating to share-based payments has been recognised in the income statement as employee costs (2025: \u00a38.9m). Included in other payables is an amount
of \u00a33.8m (2025: \u00a33.9m) 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:
2026
2025
Weighted Weighted
Number average Number average
of options exercise price of options exercise price
Outstanding at 1 July
46,669,168
35.4p
48,210,585
31.4p
Granted
9,931,753
89.7p
13,878,580
55.7p
Lapsed or forfeited
(6,104,485)
23.3p
(3,089,179)
44.4p
Exercised
(16,150,477)
24.3p
(12,330,818)
40.3p
Outstanding at 30 June
34,345,959
58.5p
46,669,168
35.4p
Exercisable at 30 June
129,394
114.4p
304,247
79.3p
The options outstanding at 30 June 2026 have a weighted average remaining
contractual life of 1.24 years (2025: 1.25 years).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-458": { "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\u2019
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 ultimate 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-491": { "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\u2019 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 ultimate 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 (2025: none). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-521": { "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:
2026 2025
\u00a3m \u00a3m
Provision as at 1 July
0.5
0.5
Credited to the income statement
(1.2)
(0.8)
Charged to the income statement
2.1
1.4
Utilised in the year
(0.5)
(0.6)
Provision as at 30 June
0.9
0.5
There were \u00a326.3m (2025: \u00a315.3m) of trade receivables that were overdue at the balance sheet date that have not been provided against, of which \u00a321.1m (2025: \u00a39.4m) had been received by the end of August 2026. There are no indications as at 30 June 2026 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 2026 that were overdue for payment was 35% (2025: 30%). Credit terms vary across the Group; the average age of trade receivables was as follows: Infrastructure 4 days (2025: 7 days) Construction 8 days (2025: 4 days) Property 10 days (2025: 11 days) Overall, the Group considers that it is not exposed to significant credit risk. Equity loans to joint ventures of \u00a3155.4m (2025: \u00a3144.5m) 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:
2026 2025
\u00a3m \u00a3m
Fixed rate
250.0
250.0
Variable rate
20.1
20.1
Cost of raising finance
(5.0)
(6.2)
265.1
263.9
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 2026, the Group had no debt denominated in US dollars at fixed currency rates using derivatives (2025: \u00a3nil). As at 30 June 2026, the Group had no unhedged debt outstanding (2025: US$nil). 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-492": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-512": { "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:
2026 2025
\u00a3m \u00a3m
Provision as at 1 July
0.5
0.5
Credited to the income statement
(1.2)
(0.8)
Charged to the income statement
2.1
1.4
Utilised in the year
(0.5)
(0.6)
Provision as at 30 June
0.9
0.5
There were \u00a326.3m (2025: \u00a315.3m) of trade receivables that were overdue at the balance sheet date that have not been provided against, of which \u00a321.1m (2025: \u00a39.4m) had been received by the end of August 2026. There are no indications as at 30 June 2026 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 2026 that were overdue for payment was 35% (2025: 30%). Credit terms vary across the Group; the average age of trade receivables was as follows: Infrastructure 4 days (2025: 7 days) Construction 8 days (2025: 4 days) Property 10 days (2025: 11 days) Overall, the Group considers that it is not exposed to significant credit risk. Equity loans to joint ventures of \u00a3155.4m (2025: \u00a3144.5m) 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-513": { "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:
2026 2025
\u00a3m \u00a3m
Fixed rate
250.0
250.0
Variable rate
20.1
20.1
Cost of raising finance
(5.0)
(6.2)
265.1
263.9
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 2026, the Group had no debt denominated in US dollars at fixed currency rates using derivatives (2025: \u00a3nil). As at 30 June 2026, the Group had no unhedged debt outstanding (2025: US$nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-514": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-493": { "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 expire in May 2026 and are without recourse to the Group. At 30 June 2026, the aggregate amount outstanding on this interest-bearing debt against which an interest rate derivative is held is \u00a3nil (2025: \u00a334.3m). The Group\u2019s share of the total net fair value asset of this interest rate derivative at 30 June 2026 amounted to \u00a3nil (2025: \u00a30.2m), which has met the criteria for hedge accounting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-494": { "value": "Financial liabilities \u2013 analysis of maturity dates At 30 June 2026, 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 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Carrying value
976.1
1,402.0
265.2
178.0
2,821.3
Contractual undiscounted
cash flows
Less than one year
955.2
1,402.0
24.3
61.3
2,442.8
One to two years
10.4
\u2013
43.6
38.1
92.1
Two to three years
6.7
\u2013
272.5
20.3
299.5
Three to four years
3.6
\u2013
\u2013
13.4
17.0
Four to five years
0.2
\u2013
\u2013
10.3
10.5
Over five years
\u2013
\u2013
\u2013
74.9
74.9
976.1
1,402.0
340.4
218.3
2,936.8
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
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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-525": { "value": "Borrowings and borrowing facilities As at 30 June 2026, 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 2026 (2025: \u00a3250.0m); \u2022 revolving credit facility of \u00a3190.0m, at a margin over SONIA, due for renewal on 13 October 2028, which was undrawn at 30 June 2026 (2025: \u00a3150.0m, undrawn); and \u2022 non-recourse project finance of \u00a320.1m (2025: \u00a320.1m) 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 (2025: undrawn). Included within borrowings are capitalised loan fees of \u00a35.0m (2025: \u00a36.2m). The Group increased its total available facilities by \u00a340m in the year ended 30 June 2026 (2025: \u00a3148.2m reduction).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-522": { "value": "Borrowings and borrowing facilities As at 30 June 2026, 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 2026 (2025: \u00a3250.0m); \u2022 revolving credit facility of \u00a3190.0m, at a margin over SONIA, due for renewal on 13 October 2028, which was undrawn at 30 June 2026 (2025: \u00a3150.0m, undrawn); and \u2022 non-recourse project finance of \u00a320.1m (2025: \u00a320.1m) 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 (2025: undrawn). Included within borrowings are capitalised loan fees of \u00a35.0m (2025: \u00a36.2m). The Group increased its total available facilities by \u00a340m in the year ended 30 June 2026 (2025: \u00a3148.2m reduction).", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-459": { "value": "
28 Financial and capital commitments
The Group had no significant capital commitments at the year-end date (2025: none).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138002RKCU2OM4Y7O48", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-460": { "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 85\u2013117.
In addition to their salaries, the Group also provides non-cash benefits to Directors
and contributes to their pension arrangements as disclosed on page 94. Key management
personnel also participate in the Group\u2019s share option programme (see note 25).
Key management personnel compensation comprises:
2026 2025
\u00a3m \u00a3m
Total fixed pay as analysed in the Directors\u2019
Remuneration report
2.3
2.6
Payments to past Directors and payment for loss of office
as disclosed in the Directors\u2019 Remuneration report
1.3
\u2013
Bonus as analysed in the Directors\u2019 Remuneration report
1.6
1.5
Employer\u2019s national insurance contributions
1.9
1.1
Share-based payment charge
1
2.3
2.1
Total key management personnel compensation
9.4
7.3
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
2026 2025
\u00a3m \u00a3m
Construction services and materials
0.3
1.1
Staff and associated costs
2.0
2.5
Management services
1.7
1.4
Interest on loans to joint ventures
0.5
0.1
Plant hire
0.2
0.2
4.6
5.3
Trading balances with joint ventures
2026 2025
\u00a3m \u00a3m
Trading balances due from joint ventures
\u2013
7.2
Trading balances due to joint ventures
(0.7)
(0.6)
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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-495": { "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 85\u2013117. In addition to their salaries, the Group also provides non-cash benefits to Directors and contributes to their pension arrangements as disclosed on page 94. Key management personnel also participate in the Group\u2019s share option programme (see note 25). Key management personnel compensation comprises:
2026 2025
\u00a3m \u00a3m
Total fixed pay as analysed in the Directors\u2019
Remuneration report
2.3
2.6
Payments to past Directors and payment for loss of office
as disclosed in the Directors\u2019 Remuneration report
1.3
\u2013
Bonus as analysed in the Directors\u2019 Remuneration report
1.6
1.5
Employer\u2019s national insurance contributions
1.9
1.1
Share-based payment charge
1
2.3
2.1
Total key management personnel compensation
9.4
7.3
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
2026 2025
\u00a3m \u00a3m
Construction services and materials
0.3
1.1
Staff and associated costs
2.0
2.5
Management services
1.7
1.4
Interest on loans to joint ventures
0.5
0.1
Plant hire
0.2
0.2
4.6
5.3
Trading balances with joint ventures
2026 2025
\u00a3m \u00a3m
Trading balances due from joint ventures
\u2013
7.2
Trading balances due to joint ventures
(0.7)
(0.6)
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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-515": { "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 85\u2013117. In addition to their salaries, the Group also provides non-cash benefits to Directors and contributes to their pension arrangements as disclosed on page 94. Key management personnel also participate in the Group\u2019s share option programme (see note 25). Key management personnel compensation comprises:
2026 2025
\u00a3m \u00a3m
Total fixed pay as analysed in the Directors\u2019
Remuneration report
2.3
2.6
Payments to past Directors and payment for loss of office
as disclosed in the Directors\u2019 Remuneration report
1.3
\u2013
Bonus as analysed in the Directors\u2019 Remuneration report
1.6
1.5
Employer\u2019s national insurance contributions
1.9
1.1
Share-based payment charge
1
2.3
2.1
Total key management personnel compensation
9.4
7.3
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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-516": { "value": "30 Subsidiaries and other undertakings A full list of subsidiaries, branches, associated undertakings and joint arrangements as at 30 June 2026 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
00931371
Limited (formerly Marriott Limited)
(in liquidation)
12
Ordinary
100%
A C Chesters & Son Limited
(dissolved 11 August 2026)
1
Ordinary
100%
Arena Central Developments LLP
1
\u2013
100%
Arena Central Management Limited
1
A Ordinary
100%
25%
1
Caribbean Construction Company Limited
2
Ordinary
100%
Caxton Integrated Services Holdings Limited
(dissolved 29 July 2026)
12
Ordinary
100%
Clearbox 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
(dissolved 29 July 2026)
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%
Registered Share % held
Company name
office
1
class(es) held by Group
Kier Asset Partnership Services Limited
(in liquidation)
1
Ordinary
100%
Kier Benefits Limited
1
Ordinary
100%
Kier Build Limited
1
Ordinary
100%
Kier Business Services Limited
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
2
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
2
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 Ewan Limited (dissolved 11 August 2026)
1
Ordinary
100%
Kier Facilities Services Limited
1
Ordinary
100%
Kier Finance & Treasury Holdings Limited
(dissolved 11 August 2026)
1
Ordinary
100%
Kier Finance Limited (dissolved 11 August 2026)
1
Ordinary
100%
Kier Fleet Services Limited
1
Ordinary
100%
Kier Green Investments Limited
1
Ordinary
100%
Kier Group Trustees Limited
3
1
Ordinary
100%
Kier Holdings Limited
1
Ordinary
100%
Irredeemable
preference
100%
Kier Infrastructure and Overseas Limited
1
Ordinary
100%
Kier Infrastructure and Overseas Limited \u2013
Jamaica Branch
Registered Share % held
Company name
office
1
class(es) held by Group
Kier Infrastructure and Overseas Limited \u2013
Trinidad Branch
Kier Infrastructure Pty Ltd
8
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 (in liquidation)
9
Ordinary
100%
Kier Limited
3
1
Ordinary
100%
Kier Logistics (Knowsley) Ltd
1
Ordinary
100%
Kier 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 National Limited
1
Ordinary
100%
Kier North Tyneside Limited (in liquidation)
12
B Ordinary
100%
80%
1
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
(dissolved 11 August 2026)
1
Ordinary A
100%
Kier Plant Limited
1
Ordinary
100%
Registered Share % held
Company name
office
1
class(es) held by Group
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 (in liquidation)
12
Ordinary
100%
Kier Recycling CIC
1
Ordinary
100%
Kier Services Limited
1
Ordinary
100%
Kier Sheffield LLP (dissolved 29 July 2026)
12
\u2013
80.1%
Kier South Wokingham LLP
1
\u2013
100%
Kier Stoke Limited (in liquidation)
12
Ordinary
100%
Kier Sydenham Limited
1
Ordinary
100%
Kier Transportal 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%
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%
Pure Recycling Warwick Limited
1
Ordinary A
100%
Ordinary B
100%
Robert Marriott Group Limited (in liquidation)
12
Ordinary
100%
T H Construction Limited
1
Ordinary
100%
T J Brent Limited
1
Ordinary
100%
Ordinary B
100%
Ordinary C
100%
Registered Share % held
Company name
office
1
class(es) held by Group
Tempsford Insurance Company Limited
3
10
Ordinary
100%
Tor2 Limited (dissolved 29 July 2026)
12
PSP Shares
100%
80.01%
1
TradeDirect Logistics Limited
(dissolved 11 August 2026)
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%
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 184. Notes 1. Total interest in entity held by the Group as there are other share class(es) held by a third party. 2. Accounted for as a subsidiary as control is achieved through an agreement between shareholders. 3. Shares held directly by Kier Group plc. Listed below are subsidiaries controlled and consolidated by the Group, which under section 479A of the Companies Act 2006 (the Act) are exempt from the requirements of the Act relating to the audit of accounts.
Company
registration
Company name
number
Year end
Arena Central Developments LLP
OC305452
30 June 2026
Dragon Lane Holdings 1 LLP
OC398919
30 June 2026
Dragon Lane Holdings 2 LLP
OC398920
30 June 2026
Dragon Lane LLP
OC398924
30 June 2026
Kier (Catterick) Limited
07372563
30 June 2026
Kier (Newcastle) Investment Ltd
09978111
30 June 2026
Kier (Newcastle) Operation Limited
10609470
30 June 2026
Kier (NR) Limited
06648175
30 June 2026
Kier Build Limited
01551959
30 June 2026
Kier Business Services Limited
03679828
30 June 2026
Kier Commercial Investments Limited
04002798
30 June 2026
Kier Developments Limited
04407754
30 June 2026
Kier Education Investments Limited
06458919
30 June 2026
Kier Education Services Limited
05457729
30 June 2026
Kier Fleet Services Limited
02127113
30 June 2026
Kier Green Investments Limited
08922437
30 June 2026
Kier Holdings Limited
05887559
30 June 2026
Kier Integrated Services (Estates) Limited
00216679
30 June 2026
Kier Integrated Services (Holdings) Limited
04321657
30 June 2026
Kier Integrated Services Group Limited
02372311
30 June 2026
Kier International (Investments) Limited
01463191
30 June 2026
Kier International Limited
00810557
30 June 2026
Kier Logistics (Knowsley) Ltd
13682851
30 June 2026
Kier Logistics Holdco Ltd
13682160
30 June 2026
Kier Management Consulting Limited
02491619
30 June 2026
Kier MBS Limited
11632543
30 June 2026
Kier Minerals Limited
02099531
30 June 2026
Kier National Limited
02100338
30 June 2026
Kier Overseas (Nine) Limited
01531039
30 June 2026
Company
registration
Company name
number
Year end
Kier Overseas (Seventeen) Limited
01462100
30 June 2026
Kier Overseas (Twenty-Three) Limited
02127112
30 June 2026
Kier Plant Limited
04233359
30 June 2026
Kier Professional Services Limited
08881783
30 June 2026
Kier Property Limited
04459403
30 June 2026
Kier Property Management Company Limited
06207623
30 June 2026
Kier South Wokingham LLP
OC451168
30 June 2026
Kier Transportal Limited
08658406
30 June 2026
Magnetic Limited
07775665
30 June 2026
McNicholas Construction Services Limited
01510892
30 June 2026
MRBL Limited
08177998
30 June 2026
Pure Recycling Warwick Limited
06436462
30 June 2026
T H Construction Limited
01532971
30 June 2026
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 and Countryside JV No1 LLP
13
50%
Kier Bishops Stortford Holdings Limited
1
90%
Kier Bishops Stortford 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
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 Holdings 2 Limited
1
50%
Kier HGP Holdings LLP
1
50%
Kier HGP Tunbridge Wells LLP
1
50%
Kier HGP Weybridge LLP (formerly Kier HGP Devco 2 LLP)
1
50%
Registered Interest
Company name
office
1
held
Kier Maidenhead Holdings 1 LLP
1
90%
Kier Maidenhead Holdings 2 LLP
1
90%
Kier Maidenhead LLP
1
90%
Kier Logistics (Bognor) Ltd
1
90%
Kier Logistics (Milton Keynes) Ltd
1
90%
Kier 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 Sharston Limited
1
90%
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%
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 (Greenwich) LLP
(formerly Solum Regeneration (Haywards) LLP)
1
50%
Registered Interest
Company name
office
1
held
Solum Regeneration (Harrow) LLP
(formerly Solum Regeneration (Walthamstow) LLP)
1
50%
Solum Regeneration (Kingswood) LLP
1
50%
Solum Regeneration (Redhill) LLP
1
50%
Solum Regeneration (Surbiton) LLP
1
50%
Solum Regeneration (Twickenham) LLP
1
50%
Solum Regeneration (Walton) LLP
(formerly Solum Regeneration (Maidstone) 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
10%
Watford Health Campus Neighbourhood Square 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
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 184.
Joint operation name
Description
Trading address
Deephams
a joint arrangement between Kier Infrastructure and Overseas Limited, J Murphy & Sons Limited,
Deephams Sewage Treatment Wales, Pickett\u2019s Lock Lane,
and Aecom Limited Edmonton, N9 0BA
Devonport
a joint arrangement between Kier Infrastructure and Overseas Limited and BAM Nuttall Limited
St. James House, Knoll Road, Camberley, Surrey, GU15 3XW
EKFB
a joint arrangement between Kier Infrastructure and Overseas Limited, Eiffage G\u00e9nie Civil,
5th Floor, Exchange House, Midsummer Boulevard,
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 BAM Nuttall Limited
J23 P&R HPC Postal Consolidation Centre, Huntsworth Business
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 Clancy Docwra Limited
Thames Water Offices, Clear Water Court, Vastern Rd,
Reading, RG1 8DB
Luton People Mover
a joint arrangement between Kier Infrastructure and Overseas Limited and VolkerFitzpatrick Limited
Hertford Road, Hoddesdon, EN11 9BX
Mersey Gateway
a joint arrangement between Kier Infrastructure and Overseas Limited, Samsung C&T ECUK
Forward Point, Tan House Lane, Widnes, WA8 0SL
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 Construction Limited
Campsie House, Buchanan Business Park, Cumbernauld Road,
Defence (Clyde) 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
STEP
a joint arrangement between Kier Infrastructure Services Limited and Nuvia Limited
STEP Fusion Program Site, Former West Burton Power Station,
Retford, Nottinghamshire, DN22 9BL
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
27/F, One Taikoo Place, 979 King\u2019s Road, Quarry Bay, 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. 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. 3. 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. 4. Interests in the above joint ventures are held by subsidiary undertakings. 5. The joint ventures where the Group has an interest in excess of 50% are still considered joint ventures as the Group has joint control. 6. 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-496": { "value": "30 Subsidiaries and other undertakings A full list of subsidiaries, branches, associated undertakings and joint arrangements as at 30 June 2026 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
00931371
Limited (formerly Marriott Limited)
(in liquidation)
12
Ordinary
100%
A C Chesters & Son Limited
(dissolved 11 August 2026)
1
Ordinary
100%
Arena Central Developments LLP
1
\u2013
100%
Arena Central Management Limited
1
A Ordinary
100%
25%
1
Caribbean Construction Company Limited
2
Ordinary
100%
Caxton Integrated Services Holdings Limited
(dissolved 29 July 2026)
12
Ordinary
100%
Clearbox 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
(dissolved 29 July 2026)
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%
Registered Share % held
Company name
office
1
class(es) held by Group
Kier Asset Partnership Services Limited
(in liquidation)
1
Ordinary
100%
Kier Benefits Limited
1
Ordinary
100%
Kier Build Limited
1
Ordinary
100%
Kier Business Services Limited
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
2
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
2
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 Ewan Limited (dissolved 11 August 2026)
1
Ordinary
100%
Kier Facilities Services Limited
1
Ordinary
100%
Kier Finance & Treasury Holdings Limited
(dissolved 11 August 2026)
1
Ordinary
100%
Kier Finance Limited (dissolved 11 August 2026)
1
Ordinary
100%
Kier Fleet Services Limited
1
Ordinary
100%
Kier Green Investments Limited
1
Ordinary
100%
Kier Group Trustees Limited
3
1
Ordinary
100%
Kier Holdings Limited
1
Ordinary
100%
Irredeemable
preference
100%
Kier Infrastructure and Overseas Limited
1
Ordinary
100%
Kier Infrastructure and Overseas Limited \u2013
Jamaica Branch
Registered Share % held
Company name
office
1
class(es) held by Group
Kier Infrastructure and Overseas Limited \u2013
Trinidad Branch
Kier Infrastructure Pty Ltd
8
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 (in liquidation)
9
Ordinary
100%
Kier Limited
3
1
Ordinary
100%
Kier Logistics (Knowsley) Ltd
1
Ordinary
100%
Kier 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 National Limited
1
Ordinary
100%
Kier North Tyneside Limited (in liquidation)
12
B Ordinary
100%
80%
1
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
(dissolved 11 August 2026)
1
Ordinary A
100%
Kier Plant Limited
1
Ordinary
100%
Registered Share % held
Company name
office
1
class(es) held by Group
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 (in liquidation)
12
Ordinary
100%
Kier Recycling CIC
1
Ordinary
100%
Kier Services Limited
1
Ordinary
100%
Kier Sheffield LLP (dissolved 29 July 2026)
12
\u2013
80.1%
Kier South Wokingham LLP
1
\u2013
100%
Kier Stoke Limited (in liquidation)
12
Ordinary
100%
Kier Sydenham Limited
1
Ordinary
100%
Kier Transportal 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%
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%
Pure Recycling Warwick Limited
1
Ordinary A
100%
Ordinary B
100%
Robert Marriott Group Limited (in liquidation)
12
Ordinary
100%
T H Construction Limited
1
Ordinary
100%
T J Brent Limited
1
Ordinary
100%
Ordinary B
100%
Ordinary C
100%
Registered Share % held
Company name
office
1
class(es) held by Group
Tempsford Insurance Company Limited
3
10
Ordinary
100%
Tor2 Limited (dissolved 29 July 2026)
12
PSP Shares
100%
80.01%
1
TradeDirect Logistics Limited
(dissolved 11 August 2026)
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%
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 184. Notes 1. Total interest in entity held by the Group as there are other share class(es) held by a third party. 2. Accounted for as a subsidiary as control is achieved through an agreement between shareholders. 3. Shares held directly by Kier Group plc. Listed below are subsidiaries controlled and consolidated by the Group, which under section 479A of the Companies Act 2006 (the Act) are exempt from the requirements of the Act relating to the audit of accounts.
Company
registration
Company name
number
Year end
Arena Central Developments LLP
OC305452
30 June 2026
Dragon Lane Holdings 1 LLP
OC398919
30 June 2026
Dragon Lane Holdings 2 LLP
OC398920
30 June 2026
Dragon Lane LLP
OC398924
30 June 2026
Kier (Catterick) Limited
07372563
30 June 2026
Kier (Newcastle) Investment Ltd
09978111
30 June 2026
Kier (Newcastle) Operation Limited
10609470
30 June 2026
Kier (NR) Limited
06648175
30 June 2026
Kier Build Limited
01551959
30 June 2026
Kier Business Services Limited
03679828
30 June 2026
Kier Commercial Investments Limited
04002798
30 June 2026
Kier Developments Limited
04407754
30 June 2026
Kier Education Investments Limited
06458919
30 June 2026
Kier Education Services Limited
05457729
30 June 2026
Kier Fleet Services Limited
02127113
30 June 2026
Kier Green Investments Limited
08922437
30 June 2026
Kier Holdings Limited
05887559
30 June 2026
Kier Integrated Services (Estates) Limited
00216679
30 June 2026
Kier Integrated Services (Holdings) Limited
04321657
30 June 2026
Kier Integrated Services Group Limited
02372311
30 June 2026
Kier International (Investments) Limited
01463191
30 June 2026
Kier International Limited
00810557
30 June 2026
Kier Logistics (Knowsley) Ltd
13682851
30 June 2026
Kier Logistics Holdco Ltd
13682160
30 June 2026
Kier Management Consulting Limited
02491619
30 June 2026
Kier MBS Limited
11632543
30 June 2026
Kier Minerals Limited
02099531
30 June 2026
Kier National Limited
02100338
30 June 2026
Kier Overseas (Nine) Limited
01531039
30 June 2026
Company
registration
Company name
number
Year end
Kier Overseas (Seventeen) Limited
01462100
30 June 2026
Kier Overseas (Twenty-Three) Limited
02127112
30 June 2026
Kier Plant Limited
04233359
30 June 2026
Kier Professional Services Limited
08881783
30 June 2026
Kier Property Limited
04459403
30 June 2026
Kier Property Management Company Limited
06207623
30 June 2026
Kier South Wokingham LLP
OC451168
30 June 2026
Kier Transportal Limited
08658406
30 June 2026
Magnetic Limited
07775665
30 June 2026
McNicholas Construction Services Limited
01510892
30 June 2026
MRBL Limited
08177998
30 June 2026
Pure Recycling Warwick Limited
06436462
30 June 2026
T H Construction Limited
01532971
30 June 2026
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