The firm saw revenue fall slightly to £4.5 billion in the year ending 30 June 2019, with its operating profit margin down to 2.8% from 4.1% in the previous year.

The group’s debt stood at £167 million, down slightly from £186 million.

Alongside the financial results, Kier Group today announced the retirement of its chairman Philip Cox, who took up the role just over two years ago.

Mr Cox has “decided that it would now be appropriate for the company to appoint a new chairman to work with the Board to deliver the strategic actions” announced earlier this summer, the firm said.

Commenting on the results, chief executive Andrew Davies said: “Kier experienced a difficult year, resulting in a disappointing financial performance.

“However, we are building firm foundations for the future: we have a new management team in place, we have defined our strategic priorities and we are taking decisive actions to deliver them. We have a strong order book, reflecting the strength of the underlying business, the quality of our people and the Group’s capabilities.

“The sale of Kier Living is progressing well and we are exploring options to accelerate the release of capital from our Property business. The re-shaping of the Group is designed to reduce its overall indebtedness during FY2020 and to restore Kier to robust financial health.”