RNS Number: 6713 C Kier Group PLC 18 June 2019 18 JUNE 2019. Notification of transactions by persons discharging managerial responsibilities. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Shares in Kier (KIE) are down more than 10 per cent this morning with the early announcement of the conclusions of it strategic review. The group intends to focus on regional building, infrastructure, utilities and highways whilst selling or “substantially exiting” non-core activities in Kier living, property, facilities management and environmental services. A fundamental restructure will see headcount reduced by around 1,200 delivering annual cost savings of £55m from FY2021 but also £56m in costs over the next two years. The group has confirmed that some trade credit insurance has been withdrawn. Reported net debt at 30 June will exceed current market expectations whilst average month-end net debt will increase to £420-450m. Dividend payments for FY2019 and FY2020 have been suspended. Sell.
Construction company Kier Group is to sell its housebuilding business to focus on contracting and outsourcing. In addition, it plans to sell or wind down its commercial property, facilities management and environmental services businesses. The moves follow a strategic review, which concluded that there was “insufficient focus” on cash generation and group debt was too high. Kier believes its portfolio is “too diverse” and contains a number of businesses that are “incompatible with the group's new strategy and working capital objectives”. The company will restructure with up to 1,200 job losses to save £55m a year and suspend its dividend for the coming two years.
RNS Number: 4345 C Kier Group PLC 17 June 2019 17 June 2019. Conclusions of strategic review, significant refocusing of Kier and update on indebtedness. On 15 April 2019, Kier Group plc announced that Andrew Davies, Chief Executive, would lead a strategic review which aims to further simplify the Group, better allocate capital resources across the Group and...
In yet another blow to Kier (KIE), a report in The Times indicates that trade credit insurers Euler Hermes and Tokyo Marine HCC have withdrawn cover insuring the group’s suppliers from any potential losses. It is understood that other insurers are continuing to provide coverage. The move heightens the possibility suppliers will tighten contract terms, further increasing the group’s financial pressures. This comes amidst speculation the embattled contractor is seeking to offload its housebuilding division, reaching out to advisers regarding a prospective sale. Shares are down almost 20 per cent in early trading. With everything resting on the conclusions of the strategic review due on 30 July, we remain sellers.
Kier’s (KIE) largest institutional shareholder, Woodford Investment Management, has reduced its holdings in the group from 20.01 per cent to 15.87 per cent. The fund had been buying shares as recently as 16 May. Following Kier’s profit warning issued on 3 June, Prudential has similarly trimmed its stake from 10.31 per cent to 9.8 per cent, having last purchased shares on 24 May. Sell.
RNS Number: 0790 B Kier Group PLC 04 June 2019. Notification of transactions by persons discharging managerial responsibilities. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
A trading update from Kier (KIE) indicates that revenue for FY2019 will be broadly in line with 2018, whilst underlying operating profit will likely fall short of expectations by around £25m. The group expects to report a net debt position with an adverse impact on average month-end net debt. Net costs associated with the future proofing Kier programme are expected to be around £15m higher than previously forecast. Despite double digit growth in its orderbook, revenue growth in the buildings business will be lower than previously projected and the group continues to experience volume pressures in highways, utilities and housing maintenance. The conclusions of the strategic review announced in April are due on 30 July. Sell.
Construction company Kier Group has issued a profits warning, stating in a trading update that it now expects underlying operating profit for 2019 to be about £25m lower than previous forecasts. It says it continues to experience volume pressures within its highways, utilities and housing maintenance businesses. Revenue growth in Kier’s buildings business will also be lower than previously forecast, despite it experiencing double-digit growth in its order book in 2019. As a result, Kier now expects that 2019 group revenues will be broadly in line with 2018. In addition, net costs associated with the “Future Proofing Kier” programme in 2019 are now expected to be about £15m higher than previously forecast, due to an acceleration of the programme under new chief executive Andrew Davies. Mr Davies will announce the conclusions of a strategic review of the group on July 30.
RNS Number: 8891 A Kier Group PLC 03 June 2019 3 June 2019. £25 million lower than previous expectations and that the Group is likely to report a net debt position as at 30 June 2019, which would have an adverse impact on its FY2019 average month-end net debt position.. £15 million higher than previously forecast.
RNS Number: 5175 A Kier Group PLC 29 May 2019 KIER GROUP PLC. Rights Issue- adjustments to options and awards under share schemes. On 20 December 2018, Kier Group plc announced that the 33 for 50 rights issue of 64,455,707 new ordinary shares in the capital of the Company at 409 pence per Ordinary Share had closed for acceptances at 11:00 a.m. on 19 December 2018..
RNS Number: 3806 A Kier Group PLC 28 May 2019 KIER GROUP PLC. Rights Issue- adjustments to awards under the Kier Group plc 2010 Long-Term Incentive Plan. On 20 December 2018, Kier Group plc announced that the 33 for 50 rights issue of 64,455,707 new ordinary shares in the capital of the Company at 409 pence per Ordinary Share had closed for acceptances at 11:00 a.m....
RNS Number: 8605 Z Kier Group PLC 22 May 2019 22 MAY 2019. Kier Group plc announces that it was informed on 21 May 2019 that, also on 21 May 2019, the Trustee of the Kier Group Share Incentive Plan acquired ordinary shares in the capital of the Company at a price of £3.19 per share for certain directors and persons discharging managerial responsibilities, through...
RNS Number: 6071 Z Kier Group PLC 20 May 2019 20 MAY 2019. Notification of transactions by persons discharging managerial responsibilities. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Kier is a leading UK building and civil engineering contractor also specialising in private house building, facilities management, property development and the PFI. The group employs 7,500 people worldwide and has an annual turnover in excess of �1.6bn.