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MoneyConstruction giant Kier warns on profits

06:10  04 june  2019
06:10  04 june  2019 Source:   msn.com

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Embattled construction firm Kier has issued a shock profit warning , with bosses revealing profits are expected to be £25 million lower than expected. Kier – which is working on the new HS2 railway line – saw shares rise more than 3% to 359.7p after the announcement. Prior to the ill-fated Carillion

Shares in outsourcing firm Kier fall 40% after it warned that profits will be £25m worse than expected. Kier Group warns on profits . FTSE slips slightly in early trading. Construction and support services is just not a place you want to be now. Margins are paper thin and the outlook offers

Construction giant Kier warns on profits © Provided by The Press Association Kier construction workers (Kier)

Embattled construction firm Kier has issued a shock profit warning, with bosses revealing that profits are expected to be £25 million lower than expected.

The company said the highways, utilities, housing maintenance and buildings divisions will be particularly affected and revenues will be flat at around £2.5 billion.

Shares in the business plunged more than 40% in early trading Monday to 163.2p – a new all-time low for the firm.

New chief executive Andrew Davies, who is carrying out a review into the business, also revealed that the costs for its “future-proofing” project will more than double – costing £29 million compared with £14 million originally earmarked.

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Shares in outsourcing firm Kier fall 40% after it warned that profits will be £25m worse than expected. Kier Group warns on profits . FTSE slips slightly in early trading. Ineos invests £2bn in Saudi Arabia. Interestingly online giant Amazon sneaked into the list for its London head office

Kier Group shares crash to lowest in two decades as HS2 contractor issues a shock profit warning . Kier expects annual profits to come in £25million lower Kier made Andrew Davies chief executive earlier this year to lead a turnaround at the troubled construction giant . The former boss of Wates

Bosses at Kier, which is a major contractor for the HS2 railway project, said the extra costs are due to an “acceleration of the programme” under the new chief.

Construction giant Kier warns on profits © Provided by The Press Association Andrew Davies, Kier’s new chief executive, will set out his turnaround plans in July (Kier)

Mr Davies joined Kier in March and set to work drawing up plans for a major turnaround, after attempts by previous management to raise £250 million from shareholders to cut debt and strengthen the balance sheet failed.

The review is expected to be completed by the end of July and had originally said the net savings from the plans would be around £20 million by 2020.

Mr Davies was due to take on the top job at failed outsourcer Carillion, but the group went bust before he could take up the role.

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In company news construction firm Kier Group has warned it will miss profit targets and Amazon has opened the first of a string of pop-up shops on British High Kier , the construction and property firm which is one of the major contractor for the HS2 railway project, has issued a shock profit warning .

Kier appointed to £500m North Wales Construction Framework 2. At Kier we’re always looking for ways to improve what we do; to bring fresh thinking and new ideas that will both solve client challenges and have positive impact on people’s lives and on society as a whole.

The conclusion of his Kier review will be announced in July.

Kier – which is working on the new HS2 railway line – saw shares rise more than 3% to 359.7p after the announcement.

Prior to the ill-fated Carillion appointment, Mr Davies was formerly chief executive of property and construction company Wates Group.

He also previously spent more than 28 years at BAE Systems, latterly as managing director of the maritime division.

The struggling highways, utilities and housing maintenance businesses include laying internet cables for Virgin Media, working with Scottish Water and roadworks on motorways across the country.

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Construction giant Kier warns on profits

Struggling Kier to cut 1,200 jobs and sell non-core businesses.
Construction and services firm Kier Group is to cut 1,200 jobs and non-core businesses as it seeks to turnaround its fortunes. The company, which has been the subject of speculation over its financial health in the wake of the collapse of Carillion, launched a strategic review in April - weeks after chief executive Haydn Mursell was effectively ousted by shareholders. His successor Andrew Davies told investors on Monday that he was taking a number of actions that would concentrate resources on core activities, simplify its portfolio and bring down debt at the same time.

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