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Kier Group PLC (KIE.L)

KIE.L on London Stock Exchange

1,367.00GBp
8:05am EDT
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-47.00 (-3.32%)
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Latest Key Developments (Source: Significant Developments)

Kier Group says Phil White to retire as chairman
Thursday, 23 Mar 2017 03:41am EDT 

Kier Group Plc : Appointment of chairman designate . Phil White to retire as chairman and step down from board with effect from conclusion of the AGM on Nov 17 . White will be succeeded by Philip Cox CBE . Cox will retire as chairman of GPG by 10 September 2017 .Cox will join board as a non-executive director and chairman designate on 1 July 2017 and will assume chairman role immediately following AGM.  Full Article

Kier Group H1 underlying operating profit 56.5 mln stg
Thursday, 23 Mar 2017 03:00am EDT 

Kier Group Plc : H1 underlying operating profit of £56.5 mln, 4 pct organic growth on 2015 . H1 net debt of £179 mln ahead of expectations and expected to be maintained at 1x EBITDA for full year . On track with vision 2020 goals . Interim dividend of 22.5p, up 5 pct . H1 revenue £2,004 mln versus £2,016 mln year ago . Remain on course to deliver our expectations for full year - CEO . Forecast revenue in construction and services 100 pct secured for year to June 2017; approximately 70 pct secured for year to June 2018 .Order book of approximately £9 bln, reflecting strong pipeline conversion in regional building and highway services.  Full Article

Kier Residential forms JV with Cross Keys Homes
Thursday, 23 Mar 2017 03:00am EDT 

Kier Group Plc : Will transfer part of its land bank and a number of its residential developments in east of England, valued at up to £97 mln, into JV . Cross keys contributing up to £4m of equity into JV . Will receive a cash payment of up to £64m for assets and JV will be funded by a non-recourse revolving credit facility from Hsbc Bank Plc . Will be a 90:10 split of economic ownership and each party will have 50:50 voting rights . Initial completion of transaction is expected to take place by 31 March 2017 . JV is expected to be cash generative from completion of transaction. .Expects transaction to be earnings accretive in 2019.  Full Article

Kier named preferred bidder for new Sheffield school
Wednesday, 22 Feb 2017 09:40am EST 

Kier Group Plc :Kier preferred bidder for new Sheffield School.  Full Article

Kier continues to experience good underlying organic growth
Thursday, 26 Jan 2017 02:18am EST 

Kier Group Plc : Net debt position for six months ended 31 December 2016 was 179 mln stg (31 December 2015: 174 mln stg) . Average month-end net debt position for period was in line with prior year at £300m (31 December 2015: 280 mln stg) . Expect to maintain a net debt to EBITDA ratio of less than 1x at 30 June 2017 . Property division has maintained its good performance benefiting from continued investment in new schemes . Residential division continues to benefit from demand in UK for all forms of housing . Construction and services divisions continue to perform well, and we are continuing with closure of our Caribbean operations . Construction and services order books represent 100 pct of forecast revenue for 2017 financial year . Residential division is on track to deliver more than 2,200 completions by 30 June 2017 . Continues to experience good underlying organic growth .Combined construction and services order book, maintained at about 9 bln stg excluding potential further renewals and extensions valued in excess of 2.5 bln stg.  Full Article

Kier says awarded c.140 mln stg Highways England contract
Tuesday, 20 Dec 2016 02:00am EST 

Kier Group Plc : Awarded new Highways England contract worth c.140 mln stg and negotiations underway to finalise new areas 6 and 8 contracts . A 15-year contract, valued at c.140 mln stg, for repair and maintenance services on area 13 of Highways England network . Kier awarded c.140 mln stg Highways England contract .In addition, final negotiations underway to secure 2-year contract to provide maintenance services on areas 6 and 8, covering East Anglia and East Of England..  Full Article

Kier says has good revenue visibility over next three years
Wednesday, 30 Nov 2016 02:00am EST 

Kier Group Plc : UK housing market continues to face a number of challenges that are leading to a significant imbalance between supply and demand of affordable housing .With a mixed tenure pipeline of more than 600 mln stg providing good revenue visibility for business over next three years, group is well positioned.  Full Article

Kier completes 75 mln stg disposal of Mouchel Consulting to WSP Global
Wednesday, 12 Oct 2016 02:26am EDT 

Kier Group Plc : Kier Group - disposal of Mouchel Consulting to WSP Global . Has completed disposal of Mouchel Consulting to WSP Global for a total consideration of £75m, satisfied in cash Further company coverage: (London Newsroom) ((UK.online@Reuters.com; +44 (0)20 7542 7717;)).  Full Article

Kier Group says has not seen any Brexit impact
Thursday, 22 Sep 2016 02:00am EDT 

Kier Group Plc : Total dividend up 17 percent to 64.5 penceper share . Breadth of portfolio and order book of £8.7bn provide visibility and resilience . Confident of achieving our strategic goal of double-digit profit growth on average each year to 2020 . To date, there has been no material impact on our operations following eu referendum vote . Has been some investor and occupier caution following eu referendum vote, this has not had a noticeable impact on performance of division to date . Revenue 1 of £4.2bn up 26 pct; like-for-like revenue up 8 pct . H1 profit before tax 2 at £125m versus £86m year earlier . Reported statutory profit from operations of £12m (2015: £61m) including £116m non-underlying costs primarily relating to portfolio simplification . Group performing well in growing market sectors with solid long-term fundamentals .We will continue to provide a network of local, regional and national services and maintain our disciplined risk managed approach to new work.  Full Article

Kier Group says EU referendum result has had no impact on business to date
Monday, 4 Jul 2016 02:00am EDT 

Kier Group Plc : Kier Group Plc trading update . Since announcement of its interim results on 17 March 2016, group's underlying trading performance has remained in line with management's expectations . EU referendum result has created some uncertainty albeit with no impact on business to date . Property division has a healthy pipeline of projects totalling more than 1 billion stg . Group's net debt position of less than 140 mln stg at 30 June 2016 is ahead of forecast range of 150 mln stg - 170 mln stg . An evaluation of strategic options for Mouchel consulting business, including a possible sale . In construction, as previously reported, trading environment in Caribbean remains challenging . Board, however, believes group's breadth of activities and strong order books provide both visibility and resilience . Acquisitions of May Gurney and Mouchel have significantly increased level of visible, long-term earnings from our construction and services divisions . Current trading is positive and group will continue its disciplined approach to winning work and risk management . Mouchel consulting's ebit for fy16 was £8m and net assets were £25m at 30 june 2016 .It is expected that a profit would be realised on completion of any disposal.  Full Article

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UPDATE 1-Brexit delaying major UK infrastructure projects, Kier says

March 23 Britain's move to leave the European Union is delaying major UK infrastructure projects from tower blocks and power stations to new roads and rail lines, construction and services company Kier Group said on Thursday.