Kier reveals higher debts in revised statement

Kier Group owns up to deeper debts

Kier in shock debt restatement

The Group originally consolidated this debt balance within assets held for resale on its balance sheet; following the re-classification, the debt has been included within the Group's net debt position.

In a surprise statement this morning Kier revealed it had revised up its average net debt for the six months to December by £50m after revisiting how it booked certain assets.

Kier, which is still bereft of a permanent boss after chief executive Haydn Mursell was ousted earlier this year by activist shareholder Neil Woodford, said it had "identified a number of adjustments" totalling £10.3m relating to the group's hedging activities.

Kier, which builds and maintains highways, railway tunnels and houses, has said there is growing pessimism among bankers, who have cut their exposure to the industry after the high profile collapse of rival Carillion, affecting a rights issue previous year.

Appen to acquire Figure Eight Technologies
Following that, in 2020 Figure Eight's team and technology will be fully integrated and become part of Appen's future growth. Appen would be a great platform for the teams of Figure Eight to combine and keep on doing awesome things in AI.

Remaining work on the project, which accounts for less than 10% of its value, would commence shortly, after this handover in April.

Kier, which builds and maintains highways, railway tunnels and houses, has said the growing pessimism among bankers, who were cutting their exposure to the industry after the collapse of rival Carillion, hit its share issue plan in December.

The Group has recently agreed a process with the client which is created to reach agreement with respect to the Group's entitlement to the additional costs associated with the project's delay.

Chairman Philip Cox has been appointed the executive chairman and he, along with finance director Bev Dew and chief operating officer Claudio Veritiero, will oversee the company's operations until a new chief executive is found.

Dick's Sporting Goods to stop selling guns in 125 stores
House of Representatives, and he recently joined the business council of Everytown, a nonprofit that advocates for gun control. The move follows the company's ban on assault-style weapons past year in the wake of the Parkland shooting.

Shares in Kier Group crashed on Monday as the construction company revised up its net debt position.

Kier is still pledging it will return to a net cash position by 30 June 2019 but investors are likely to treat this with scepticism until it has been delivered.

Meanwhile, Kier announced that it would take a £25m hit in its 2019 results in relation to the delayed redevelopment of Broadmoor, which involves transferring almost all of the hospital's operations into new clinical facilities.

Kier also said it is on track to meet expectations for the full year, with results weighted towards the second half, despite "current political and economic uncertainty in the United Kingdom, and the implications for third-party investment".

Donald Trump Denies Calling Tim Cook "Tim Apple" Despite Video Evidence
He accused the " fake news " media of spinning the story to make it look like he'd made a silly slip. "But all you heard from the 'fake news , ' he said, was 'Tim Apple '".

The company's FY19 interim results will be released on 20 March 2019.

Latest News