Kier reveals higher debts in revised statement
Kier Group has revealed its net debt position is £50.5 million worse than previously stated after reviewing its accounts.
- Smart thinking: The digital asset management revolution
- Comment: Can innovation help the taps continue to run in the future?
- Opinion: Protecting our water assets against cyber threats
- Stantec appoints smart networks and leakage reduction expert
- New 2,300-property development near Edinburgh gets connected
In a stock market statement, the company said it has revised its net debt position as at 31 December 2018 to £180.5 million, from c.£130m and, accordingly, has re-calculated its average month-end net debt for the six months ended 31 December 2018 as being c.£430 million, from c.£370 million.
The original statement, issued on 22 January, had failed to take account of £40.2 million of debt associated with certain developments that were held for resale on its balance sheet.
Kier said that, of that £40.2 million, £9.8 million relates to assets that have been sold since 1 January 2019, £14.1 million relates to sales subject to binding sale agreements and expected to complete by 30 April, and the balance of £16.3 million relates to assets that are either being marketed for sale by 30 June or under offer.
The statement also said Kier Group would take a £25 million hit on its contract to redevelop Broadmoor Hospital but added: "Whilst the board notes the current political and economic uncertainty in the UK, and the implications for third party investment, the Group remains on course to meet its underlying FY19 expectations, with the full-year results being weighted towards the second-half of the financial year, as expected."
The company's FY19 interim results will be released on 20 March 2019.
- Water Industry Achievement Awards 2015 finalists announced! Entries for this year's Water Industry Achievement Awards are in, and the judges have made their difficult decisions. The... Read More >
- 'Business as usual' for Interserve after administration Interserve has entered administration after its rescue plan was voted down by shareholders on Friday. Read More >
- Kier chief executive departs with immediate effect Kier has confirmed the departure of chief executive Haydn Mursell with immediate effect. Read More >
- The search for safer streetworks practices Amey Utilities' HSEQ director, Gerry Mulholland, explains how the company’s 2020 Challenge and Know What’s Below... Read More >
- In Focus: Health, safety and wellbeing at Lanes Group Having introduced an array of creative solutions to improve health, safety and wellbeing, Lanes Group is showing the... Read More >
- Meet the WIA Finalists: Water Industry Contractor of the Year In the run-up to the Water Industry Awards, WWT is taking a close look at the companies and initiatives that have made the... Read More >
- MWH Treatment: Building on a legacy MWH Treatment is celebrating its past as well as looking to the future. WET News caught up with MD Paul Bresnan and... Read More >
- Meet the WIA Finalists: DfMA Project of the Year In the run-up to the Water Industry Awards, WWT is taking a close look at the companies and initiatives which have made... Read More >