 On 19 September 2019, Kier announced a £245m pre-tax loss on revenues of £4.5bn for the year to 30 June 2019, resulting from £341m in impairment costs and write-downs related to preparing businesses for sale, restructuring and loss-making contracts.The continuing restructuring had resulted in over 751 lay-offs, with a further 450 roles set to be axed.The group also confirmed chairman Philip Cox would step down once a successor had been appointed (in December 2019, it was confirmed former Royal Mail FD Matthew Lester would succeed Cox with effect from 1 January 2020).