Contractor Kier Group plans to raise money to reduce debt

© Reuters.

(Reuters) – British contractor Kier Group (LON:) said on Wednesday it plans to raise 190-240 million pounds by offering new shares in the coming weeks, as it looks to cut its net debt and invest in its business to meet near-term targets.

The company set out the proposal as it reported a pretax profit of 9 million pounds ($12.54 million) for six months ended Dec. 31, 2020, compared with a loss of 41.2 million pounds a year earlier.

($1 = 0.7176 pounds)

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