Steadying the ship? Struggling contractor Kier Group makes ‘good progress’ on cutting costs January 16, 2020 Kier Group shares spiked this morning on the news that the struggling contractor said it was making “good progress” on cutting costs. The London-listed construction group’s stock rocketed 7.5 per cent in value in early trading, before receding to about three per cent up on yesterday’s closing price. Kier has suffered from a mounting debt [...]
Kier’s COO leaves with immediate effect November 15, 2019 Kier’s chief operating officer has left the business with immediate effect as the struggling outsourcer rang the changes at the top amid reported interest from private equity. Claudio Veritiero, who was appointed COO only in August of 2018, has quit the company today. Read more: Private equity firm circles Kier as it looks to raise [...]
Kier Group shares plummet as broker lowers target price to £1 November 11, 2019 Kier Group shares fell nearly nine per cent this morning after a note by broker Jefferies lowered its recommended price to 100p. The construction group’s stocks have been hovering around 100p for five months, since it announced it would be making 1,200 people redundant in June, and that it would look for a buyer for [...]
Kier property arm ‘targeted by US private equity firm’ November 10, 2019 American private equity firm Lone Star is said to be one of the bidders in the race to buy parts of Kier Group, as the embattled contractor looks to raise money. Kier is looking to sell off “non-core” parts of its business, with its housebuilding division, Kier Living, up for grabs. Read more: Kier suspends dividend [...]
Kier share price slumps as lenders ‘seek to offload debt’ November 4, 2019 Kier’s share price slumped seven per cent today following a report alleging lenders are trying to pass on its debt to hedge funds. Kier fell 8.4 per cent to 107.6p in early trading, with HSBC supposedly marketing the firm’s debt for as little as 70p in the pound. Read more: Kier lenders ‘try to offload [...]
Kier Group lenders ‘trying to offload outsourcer’s debt’ November 3, 2019 The lenders of construction outsourcer Kier Group are said to be trying to offload its debt to hedge funds, in a sign they think the risk of another corporate collapse in the embattled sector is increasing. HSBC and other lenders to the troubled FTSE 250 company are reportedly marketing the debt for as little as [...]
Kier Group turnaround ‘heading in right direction’ despite crashing to £245m loss September 19, 2019 Kier Group’s stock recovered to finish up 1.1 per cent today as shareholders appeared cautiously optimistic about its pricey turnaround plan. The struggling outsourcer staggered to a £245m loss in its latest full year, but trimmed its net debt by more than 10 per cent to £167m. Read more: Kier suspends dividend and unveils plan [...]
Kier shares soar 40 per cent as it chips away at debt pile August 1, 2019 Kier Group investors rejoiced this morning as they were treated to a rare piece of good news: that the firm is regaining control of its debt. The firm also said it had attracted “significant interest” in its house building arm, which it is trying to sell to reduce its debt. Read more: Kier shares plunge [...]
Short sellers circle Kier Group as contractor’s turmoil continues July 15, 2019 Five hedge funds have raised their bets against Kier Group in the last month to make the troubled contractor the most-shorted stock on the market. Funds including Blackrock, Marshall Wace and Kuvari Partners hold a combined 10.9 per cent of Kier’s stock, according to regulatory filings. Read more: ‘In a dark place’: Kier shares plummet [...]
‘In a dark place’: Kier shares plummet 40 per cent after embattled outsourcer gives £25m profit warning June 3, 2019 Kier Group shares have suffered a fresh blow this morning, dropping more than a third as the troubled outsourcer reels from its latest profit warning. The construction and services company, which is listed as one of the government’s top external suppliers of public services, shocked investors this morning with the news operating profit will be [...]