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Andrew Davies, chief executive, of construction company Kier, says the construction group has "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," he said.
The business reported a £245m loss for the 12 months to 30 June, compared with a £106m profit a year earlier.
He joined in April after the company had tapped investors for a £250m fund raising.
Shares in troubled contractor Kier have leapt 40% after it said its housing building unit had received "significant interest" and that its debt levels were falling.
That is despite it admitting that full-year revenue would fall by £100m.
In June Kier said it will cut 1,200 jobs and sell its homebuilding business, Kier Living, and shut or selling other interests, including its recycling and rubbish processing units.
"The group has received significant interest in Kier Living, its housebuilding division, and has commenced the sale process for this business," the company said on Thursday.
It also named Simon Kesterton as its chief financial officer from global design and engineering company RPC. The company said Bev Dew, finance director, will stand down from the board after full-year results on 19 September and is expected to remain on garden leave for the remainder of his notice period, which ends in May 2020.
The news that Sotheby's has been bought by a French billionaire dominates today's business sections.
The Guardian reports: "Sotheby's to go private again after it accepts $3.7bn takeover", while the FT leads with: "Sotheby's snapped up by French billionaire Drahi in $3.7bn deal".
Kier's turnouround plan also gets top billing in today's papers with The Times reporting: "Troubled Kier plans to cut 1,200 jobs" and the FT's Companies & Markets section leading with: "Kier axes 1,200 jobs and sells assets".
But The Times leads its business section with "Nationwide chief paid £500 a day in expenses". The paper has scanned the mutual's latest annual report to discover that boss Joe Garner was handed £185,000 in perks during the 12 months to 4 April.
BBC Radio 4
Yesterday yet another British government outsourcer Kier announced that it was in trouble.
Kier said it will cut 1,200 jobs and sell its homebuilding business, Kier Living, as well as shutting or selling other interests, including its recycling and rubbish processing units.
But will it go the same way as Carillion, which went bust in January last year?
Stephen Rawlinson, an analyst at Applied Value, doesn't think so.
"I don't think anyone wants to see another Carillion, because they realise that making these companies go into administration is expensive in itself, but not withstanding that, there is insufficient competition in the UK anyway to build the assets for the schools, the roads, the hospitals that we all need in our everyday lives," he told BBC Radio 4's Today programme.
"But also it actually has physical assets it can sell. It can sell the land, it can sell the property, but it's not a great time to do it, so it may well be that it has to sell more assets than was announced yesterday."
Two weeks ago, shares in troubled construction firm Kier Group tumbled more than 22% after it issued a profit warning.
It's a different story today as its shares are up almost 3% after it announced a major restructuring and the loss of 1,200 jobs.
Shares have risen 3.68 to 134.48.
Troubled construction firm Kier has announced a "new strategy" that means cutting its workforce by 1,200 to help make cost savings of £55m from 2021.
The axe will strike at non-core activities Kier Living, Property, Facilities Management and Environmental Services.
"These actions are focused on resetting the operational structure of Kier, simplifying the portfolio, and emphasising cash generation in order to structurally reduce debt," said chief executive Andrew Davies.
"By making these changes, we will reinforce the foundations from which our core activities can flourish in the future, to the benefit of all of our stakeholders."
Shares in Kier Group, the construction business, are now down 23% on the day.
The move follows a report in the Times, mentioned earlier, that it was considering selling its house building arm and that trade credit insurers had withdrawn cover insuring Kier’s suppliers from any potential losses.