September 19, 2019 / 6:30 AM / 3 months ago

British contractor Kier posts annual loss as costs rise

Sept 19 (Reuters) - British contractor Kier Group Plc posted an annual loss on Thursday as a radical overhaul of the business to lower debt pushed costs higher.

Kier, which has been undergoing a major revamp under its new boss, reported an operating loss of 217 million pounds ($270.45 million) in the year ended June 30, from a profit of 134 million pounds a year earlier.

Kier, which has worked on large infrastructure projects such as HS2 and Facebook Inc’s new London HQ, also reported 341 million pounds in charges, including the costs of preparing to exit or sell businesses, restructuring costs and significant contract losses. ($1 = 0.8024 pounds) (Reporting by Noor Zainab Hussain and Justin George Varghese in Bengaluru Editing by Saumyadeb Chakrabarty)

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