Kier Group will return to the FTSE 250 Index later this month after a five-year absence.
London Stock Exchange indices producer FTSE Russell announced on Wednesday (28 February) that the contractor would re-enter its mid-cap list on 18 March after the implementation of its next review.
The FTSE 250 contains the biggest companies after the FTSE 100, with the list updated quarterly. The companies are measured by market capitalisation – their overall value calculated by multiplying their share price with the number of shares.
Kier Group and logistics company Wincanton were announced as new additions this week, replacing Tullow Oil and professional services firm FDM Group Holdings.
Kier joins fellow contractors Balfour Beatty, Keller and Morgan Sindall on the index.
Kier chief financial officer Simon Kesterton said on LinkedIn: “After five years away, I am pleased to see us back.
“This milestone is significant and reflects all of our efforts over the past few years to return this company to a strong position.
“My thanks to everyone who helped make this possible.”
The company, which made a combined loss of £450m in 2019 and 2020, made a pre-tax profit of £51.9m in the year ending 30 June 2023, on a revenue of £3.38bn.
It also reduced its net debt from more than £310m in 2020 to a net cash position of £64.1m and said last year that it was targeting a £4bn-£4.5bn turnover in future.
It was the UK’s third-biggest contractor the CN100 2023, behind Morgan Sindall and Balfour Beatty.
