Kier back in profit after turnaround process completed Kier back in profit after turnaround process completed Construction firm Kier crept back into profit today after two years of hefty losses after completing its reset of the company’s operations. The London-listed firm made a £5.6m reported profit, swinging back into the black after a £225m loss last year. It said that it would use the £351m it has gathered through the sale [...]
Kier group ‘moderately ahead of expectations’ after attempts to slash debt Kier group 'moderately ahead of expectations' after attempts to slash debt Infrastructure services and construction group Kier, which worked on London’s HS2, has finished the year “moderately ahead of expectations”, it said today. The group has been on the receiving end of hefty government contracts, namely a £1bn prisons contract for the Ministry of Justice, for the year ending 30 June. Kier had also accepted a [...]
Kier looks to raise £241m from share placing Kier looks to raise £241m from share placing Construction firm Kier today said that it would seek to raise £241m from the placing of 280m new shares in the FTSE 250 company. Priced at 85p per share, the raise will allow the infrastructure group to strengthen its balance sheet and refinance its existing borrowing facilities. Along with the sale of Kier Living, the [...]
Construction firm Kier set for £150m equity raise and division sale – report February 26, 2021 Construction firm Kier is reportedly finalising plans for an £150m equity raise and the sale of one of its divisions in a bid to fix its balance sheet. Sky News reported that the FTSE 250 firm was planning to announce the raise alongside its half year results in April. It is also putting the finishing [...]
Shares of HS2 contractors Balfour Beatty, Kier, Costain surge on green light February 11, 2020 Shares in British construction giants rose today after Prime Minister Boris Johnson opted to press ahead with the controversial HS2 rail project. The PM had been under pressure from some in his party to scrap the project after its estimated cost rose to £106bn. But today he gave the infrastructure scheme the green light, telling [...]
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 [...]