On 17 September 2020, Kier announced a £225.5m loss on the year to 30 June 2020, on revenues down 15% to £3,476m. I confirm and agree. The composition of these schemes has not changed since the prior year. The Group's internal forecasting covers a three-year period; The tender process and delivery programme for a number of the Group's projects can, together, take a period of up to approximately three years; and. Schroders Plc has seen a small increase in pre-tax profits, rising to £702.3 million in 2020 from £701.2 million the year prior. Key contract awards include £160m eight-year Area 4 maintenance and response contract from Highways England; Reappointed by Virgin to deliver telecoms infrastructure; and, Early works and contract mobilisation have commenced on HS2, with construction currently expected to start later in 2020, The Utilities business delivers long-term contracts providing construction and maintenance services to the water, energy, rail and telecommunications sectors. The Group has adjusted the carrying amount of the right-of-use asset at the date of initial application by the previous carrying amount of its. Davies joined Kier on 15 April last year. HSBC Holdings plc announced its Annual Results 2020 on Tuesday, 23 February at 4 am GMT. 2020 half year results. To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms. Q2 - half year. However, in each case, the impact on reserves at the transition date would have been mitigated to a large extent by corresponding adjustments to the values of the associated right-of-use assets. On 26 October 2018, the High Court ruled in the Lloyds Banking Group case that pension schemes must equalise Guaranteed Minimum Pensions (GMP) between male and female members. As at 30 June 2019, following the Strategic Review, impairments were recognised of £8.0m to goodwill and £29.8m to other intangible assets. Chief executive Andrew Davies said, “This financial year has been a difficult one for the group. Kier has revealed it made a pre-tax loss of £225m for the year ended 30 June 2020. 1. The Group incurred a material charge in FY19 in relation to certain aged receivables, driven by a management review of contractual terms following the impact of the changing credit market. Kier announces full year results; moves to a loss. The charge is deemed an adjusting item on the basis of its size. Last year the group recorded a loss of £229.5 million. Trading . Chief executive Andrew Davies In a trading update for the six months ended 31 December 2020, Kier said there was an improvement in site productivity through the period despite COVID-19 restrictions. Annual Results 2020 23 Feb 2021 . Over 90% of the Group's revenue is derived from UK based customers. This website is for Private Investors* only, To continue to use Investegate, please confirm you are a private investor, https://www.investis-live.com/kier/5f5b3b5d17395d1000311ecf/otra. Rationalisation costs primarily consist of roles made redundant as a result of cost saving programmes and from strategic decisions taken to reduce headcount in a number of the Group's principal operating divisions following the announcement of the Strategic Review. Had the discount rates used at 1 July 2019 been determined to be 0.5% higher than the rates used, it would have resulted in a reduction in lease liabilities of £5.5m at the transition date; whilst a 0.5% decrease in the discount rates used at transition would have resulted in an increase of £6.5m. 30 Jun 2020. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. This will be Leonardo’s first hotel operation in Liverpool and follows recent acquisitions in Manchester, Edinburgh and London. The amount of the initial measurement of lease liability; Any lease payments made at or before the commencement date less any lease incentives received; Leases of low-value items - The Group has defined low value items as assets that have a value when new of less than c£5,000. Provision to WIP and exit costs in relation to a contract acquired with McNicholas in respect of a major customer. Costs incurred to integrate the McNicholas acquisition into the Utilities business including significant double-running of people and lease costs. Please note, this site uses cookies. Amounts charged to the income statement for the year to 30 June 2019 include an adjusting item of £6.1m for GMP charges. As at 31 July 2020, no colleagues remained on furlough leave; Following agreement with HMRC, deferring certain taxation payments; and. The availability of supply-chain finance; Risks in respect of certain specific projects; The Group's ability to conclude its cost reduction plan as forecast; and. Kier Group plc –Full Year results for the year ended 30 June 2017 10 Leading market positions in robust and growing sectors - >90% of Group revenue and profit Portfolio of businesses provides flexibility and resilience The legal claims relate to incidents that occurred out of period but were notified to the Group within the year and so are considered to be adjusting items. The progress made in the first nine months, despite challenging market conditions, reflected the successful execution of many elements of our strategic plan, as we began to experience the benefits of the decisive cost reduction actions taken. he Group is actively reducing the KEPS scheme, paying the supply chain more quickly and not applying as much working capital management around reporting periods as has been seen in prior periods. All rights reserved. But in a statement posted just after 8am, the firm said: “There has been a technical issue with respect to the release of Kier’s results for the year ended 30 June 2020. This includes one-off set up costs and dual-running costs. Leading in sustainability presentation. 16 Jan 2020. In 2019, the Group launched a member options exercise, offering a Pension Increase Exchange (PIE) to members of the Kier Group Pension Scheme and the Mouchel Business Services Limited Pension Scheme. Following a successful programme of events, Balfour Beatty were awarded Large Employer of the Year at last night’s Scottish Apprenticeship Awards. In a January trading update, the firm said its interim results will be better than those it posted last time when the firm racked up pre-tax losses of more than £40m. LTIP subject to a holding period - TSR element, LTIP subject to a holding period - EPS and Net Debt:EBITDA element. Costs relating to the preparation of businesses for sale 33.6m (FY19: £120.4m): £44.7m reduction in the utilisation of the Kier Early Payment Scheme ("KEPS") of which £25m was related to the discontinued operation Kier Living. For a company forecast to make a pre-tax profit of only £89m in the current year, that’s not good. Revenue fell from £3.9 to £3.4 billion but the forward order book is a ‘strong’ £7.9 billion. Asking c.6,500 employees to take a temporary pay reduction for the three months to 30 June 2020. Report: PDF (7MB) Online summary View COVID-19 update - this needs to be … I would like to thank all my dedicated Kier colleagues for their commitment and resilience over the course of the year, many of whom have played a significant role in providing essential public services during the pandemic. r sale and interest-bearing inter-company loans. Reference to 'adjusted' excludes adjusting items, see notes 1 and 3. A webcast with investors and analysts was held at 7.30 am GMT. The completion of the sale of Kier Living, following the delay in the sale process which was due, in particular, to COVID-19. We are committed to further improvements in our payment practices and continue to work with both customers and suppliers to achieve this. The firm, which racked up a £245m pre-tax loss last year, was due to unveil its results for the year to June 2020 at 7am this morning. Kier has already flagged that it was mulling an equity raise when it published its year-end results last September. Peel Hunt said it expected covid-19 to have hit the firm’s 2020 pre-tax profit by one third, with the problems caused by … This comprises of schemes in a net surplus and net deficit position: £9.7m surplus and £47.8m deficit (2019: £17.6m surplus and £32.2m deficit). The charge was considered to be an adjusting item in FY19 on the basis of its size and the fact that these assets were acquired, as a result of which the associated income has never been recorded by the Group. 17 Dec 2020. onerous lease provisions at 30 June 2019 up to a maximum of the associated right-of-use asset value; Exclusion of initial direct costs for the measurement of the right-of-use asset at the date of initial application; and. As a result, an impairment charge of £5.4m has been recognised. Kier’s group revenue and share of joint ventures declined to £3.5bn, down from £4.1bn in the previous year. This has had no impact on the statutory reported results for the year ended 30 June 2019. Following the announcement of the Group's intention to exit parts of the Group, a number of charges have been recognised. Included within the trade and other payables balance is £125.5m (2019: £170.2m) relating to payments due to suppliers who are on bank-supported supply chain finance arrangements. As part of its restructuring programme the Group has closed its head office, which is now held as an investment property. Another corporate office lease that was previously impaired by £3.8m (FY19: £4.4m onerous lease provision) is to be utilized instead. The visibility of the Group's secured work and bidding opportunities can reasonably be assessed over a three-year period. The application of certain, additional macro-economic factors which may impact the Group, including Brexit. Using the incremental borrowing rate at the date of initial application (1 July 2019). Kier Group plc –Full Year results for the year ended 30 June 2018 10 Income statement EPS and dividend growth Year ending 30 June 2018 £m Year ending 30 June 2017 £m Change % Revenue1 4,493.3 4,265.2 +5 Operating profit2 Property 34.0 25.8 +32 Residential 25.9 22.8 +14 Construction 41.9 39.8 +5 Services 93.0 87.0 +7 Corporate (34.8) (29.8) +17 Building understands that the majority of the extra losses have already been made and that at least 100 more jobs have gone. Some of the cookies are essential for parts of the site to operate and have already been set. Webcast and conference call replay details. IFRS 16 defines the lease term as the non-cancellable period of a lease, together with; periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. Revenue fell from £3.9 to £3.4 billion but the forward order book is a ‘strong’ £7.9 billion. Our rigorous customer satisfaction programme shows that our scores have remained stable; our consistently high level of customer satisfaction remains at 92% and our net promoter score improved to 55 (FY19: 48). KIER Group has reported a £225.3 million pre-tax loss for the year ended 30 June 2020. Net financing costs relate to discount unwinding of acquired intangible assets and the recycling of foreign exchange from the translation reserve in respect of the Caribbean operations. 2020 Results & Outlook, Tuesday, February 9, 2021. All rights reserved. Instead, the Group recognises the related lease payments as an expense on a straight-line basis over the lease term. Construction firm Kier has seen shares surge higher after upping its half-year results outlook amid reports it is nearing a sale of its embattled housing division. According to data from IHS Markit, that was published in yesterday’s Sunday newspapers, almost 18% of Kier’s shares are being shorted, up from 10% a month ago, making it the third most shorted company on the London Stock Exchange. The announcements are supplied by the denoted source. FY19 cost comprises advisors' fees associated with divestments along with the loss on disposal of Unity (£1.9m), gain on the disposal of the Group's pension administration business (£2.5m) and loss on disposal of KHSA Limited (£1.4m). Preliminary Results for the Year Ended 30 June 2020 ... Kier Annual Report 2020; Building for a Sustainable World - our Sustainability Framework; Modern Slavery Statement; Positive Footprints- Our social impact report; Registered in England No.2708030. In a trading update for the six months ended 31 December 2020, Kier said there was an improvement in site productivity through the period despite COVID-19 restrictions. 31 Dec 2020. Complementing our Construction business, Housing Maintenance has, over the period, continued to seek opportunities with housing associations, local authorities and private landlords for planned maintenance contracts, including fire safety works. explained last year, Kier needs ‘substantial restructuring, but has great potential’. As disclosed in note 29 to the Group's Annual Report and Accounts for the year ended 30 June 2019. Annual General Meeting . Full reporting archive. It has also said its streamlining programme, Future Proofing Kier, will cost around £15m more than expected. At all times we act safely, ethically, we care for the environment and communities we work in. Webcast and conference call replay details. the new rules had always been applied. Last four quarters . The cost-cutting process begun in 2018 had cut 1,200 jobs with another 50 set to leave by 30 June 2020. The Group also deferred various taxation payments during the period as allowed by the Government. A non-cash impairment of goodwill (£8.0m) and other assets (£39.8m) was made in FY19 to the Group's previous Developments & Housing CGU, following the decision to dispose of various non-core divisions. You may delete and block all cookies from this site, but if you do, parts of the site may not work. Results for the year ended 30 June 2020 09:39:43 17 Sep 2020 - KIER GROUP PLC - News article - Regulatory News Service Video . 17 Sep 2020. Closure costs relating to non-core businesses, Impairment of residential development sites. Contracts may contain both lease and non-lease components. 9 September 2020. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services; Segment information is based on the information provided to the Chief Executive, together with the Board, who is the chief operating decision maker. of an announcement should be directed to the source. A cost of £4.7m (FY19: £7.3m) was written-off due to software functionality which will no longer be utilised within the Group. The business said the results reflect nine months of ‘good strategic progress’ followed by three months of Covid-19-related impact. Fourth quarter and full-year 2020 results (pdf - 1.20 MB) Accounts (pdf - 162 KB) Total announces its final 2020 dividend (pdf - 47 KB) Access the replay Adjusted profit from operations of £41.4m, includes the impact of direct COVID-19 related costs of £35.3m and additional Holiday Pay accrual of £10m. Meet AZN management: Leading in sustainability. Annual report 2020 click to go to sub menu of Annual report 2020. 5. These reductions depended on seniority and ranged between 7.5% to 25%. Costs in respect of roles made redundant as a result of cost saving programmes and from strategic decisions taken to reduce headcount in a number of the Group's principal operating divisions following the announcement of the strategic review. Q3. It explains how what we do, every day, helps to make Kier as good as it can be. Kier Group announces solid full-year results to 30 June 2018. Construction firm Kier has seen shares surge higher after upping its half-year results outlook amid reports it is nearing a sale of its embattled housing division. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes. Kier suffers £41m loss in half-year results. The eagerly-awaited numbers will be published on 21 April – some weeks after its traditional mid-March slot for its half-year figures. The model used as the basis of the assessment included a number of key assumptions (please see 'Key assumptions' below) and was subject to stress-testing (please see 'Stress-testing' below); The process considered the Group's current performance and future prospects, strategy, the PRUs and the mitigation of the PRUs; The process included a review of certain other risks relating to the Group, including macro-economic and political risks affecting the UK economy, (for example, Brexit), and risks relating to the Group's trading, the Group's pensions, the availability of the Group's finance facilities, systemic margin erosion, the execution of the Group's strategy, the supply-chain and certain project-specific risks; and. It will be a long haul back but a trading update for the six months to end-December sent shares higher on Tuesday and the new order intake is extremely healthy. Kier Group plc, a leading property, residential, construction and services group, announces its half- year results to 31 December 2017, strengthened by its solid performance by its residential division of the Group, Kier Living. PDF 6,712KB Year-to-date and Q3 2020 results: José Baselga and Mene Pangalos. Revenue and profit performance were both below last year. Results reflect 9 months of good strategic progress and 3 months impact of COVID-19 This process also included charges relating to the recoverability of assets following implementation of the new strategy and the challenging COVID-impacted market conditions. Sky News reported the firm will use the 21 April date to announce that it has agreed a deal to sell Kier Living, first put on the block in June 2019 by then new chief executive Andrew Davies, as well as announce a £150m equity raise.. Kier has already flagged that it was mulling an equity raise when it published its year-end results last September. Announcement: View: PDF (904KB) Webcast: View -Presentation slides-PDF (2.6MB) Presentation transcript-PDF (632KB) COVID-19 trading update and re-scheduling of AGM. Operating profit jumped by 11.4% to £46.7 million thanks to an improvement in operating margin to 2.5% from 2%. Kier said that its half-year results for the six months to 31st December 2020 would be ‘materially better’ than the previous year. The Mouchel figures comprise four individual schemes (Mouchel Superannuation Fund, Mouchel Staff Pension Scheme, Mouchel Business Services Limited Pension Scheme (Final Salary Section) and EM Highways Prudential Platinum Scheme) which have been grouped together because they were purchased as part of the Mouchel Group. Fixed payments (including in-substance fixed payments), less any lease incentives receivable; Variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date; Amounts expected to be payable by the Group under residual value guarantees; The exercise price of a purchase option if the Group is reasonably certain to exercise that option; and. … Trading update . 17 Dec 2020. However the effects of Covid-19 has reduced the amount of work we were able to undertake in the key final quarter of the financial year and costs have increased. Environmental Waste contract termination provision, Reversal of impairment of ERP computer software, Loss on disposal of subsidiaries, joint-ventures and other assets, with associated fees. With regard to the Group's 14 largest property leases (which account for 64% of the total lease liabilities and 88% of the property lease liabilities at the transition date) only 3 contain break or extension options. Cost-cutting boosts profit. The business pipeline for high-quality, long-term infrastructure works is strong. Kier has already flagged that it was mulling an equity raise when it published its year-end results last September. £31.3m has been represented in the comparative information from financing activities to investing activities for loan repayments from joint ventures. Costs of £61.5m have been incurred following the decision to restructure the Southern Build UK business, including a £28.3m. The Group makes payments to the pension schemes in line with the revised deficit recovery plan. Reduced site productivity as a result of implementing the revised SOP; Additional costs being incurred in responding to the pandemic. The Facilities Management business provides management and maintenance solutions for its clients. A further £1.7m has been incurred in respect of impairing mothballed land. Kier is expected to deliver half-year results “slightly above” its expectations for the six months ended 31 December 2020, after it improved site productivity despite covid-19 restrictions. Obtains access to the information in a personal capacity; By using this site, you agree to use the content for private use only. “Whilst first half volumes were lower, this was anticipated as significant contracts concluded and frameworks transitioned,” he explained. Half year-end . Project Scotland remains the only construction news magazine published in Scotland and thus the only publication properly placed to fully reflect industry thinking north of the border. 1 June 2020. Another factor which affects the level of lease liabilities on the balance sheet is the lease term. The related documents are available to download below. Interest was (charged)/credited to the divisions at a notional rate of 4.0%. Kier Living noted a further 111 employees were made redundant shortly after year end. The segments are strategic business units with separate management and have different core customers and offer different services. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so; Chief Executive Pete Redfern, Group Finance Director Chris Carney and Group Operations Director Jennie Daly will be presenting via video conference at 8.30am on the day. The lease liabilities that were brought onto the balance sheet on transition to IFRS 16 have been measured at the present value of the remaining lease payments, discounted using the Group's incremental borrowing rates as at 1 July 2019. A little less than four weeks earlier, Kier announced its half year results. 30 Jun 2020. The key thing is that Kier’s debt is increasingly looking manageable. 4. Year-to-date and Q3 2020: AstraZeneca financial results. note 22 to the Group's Annual Report and Accounts for the year ended 30 June 2019. charge relating to the recoverability of assets following implementation of the new strategy and the challenging COVID-impacted market conditions. This is underpinned by a consistent performance from its private housebuilding arm Kier Living which generated a revenue of £175m, with the business’ total revenue £374m. Amounts relate to non-cancellable leases and are undiscounted. The progress made in the first nine months, despite challenging market conditions, reflected the successful execution of many elements of our strategic plan, as we began to experience the benefits of the decisive cost reduction actions taken. operate under long-term frameworks through which we have the opportunity to tender for a range of projects, providing good visibility of future work with an appropriate risk profile. Revenue of the Group and its share of joint ventures. Annual General Meeting . Operating profit/(loss) before adjusting items. 3. A reconciliation of profit and earnings per share, as reported in the income statement, to profit and earnings per share before, - net of tax credit of £35.8m (2019: £51.4m). Previously the Group had intended to develop these sites and had therefore maintained a carrying value of these assets above their market valuations at £60.0m, on a development value basis. The Group incurred significant and one-off charges in FY19 in relation to the completion of the Mersey Gateway project. Kier Living reported a pre-tax loss of £89.4m for the year ending 30 June 2020. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body; 2 4-4-2020 10:05:57The Kier share price is higher this morning on the back of encouraging first-half numbers.. Cost-cutting boosts profit. Application of a single discount rate to a portfolio of leases with reasonably similar characteristics; Reliance on previous assessments on whether leases are onerous as an alternative to performing an impairment review. Investegate reserves the Future minimum lease payments under operating leases at 30 June 2019. Kier has made more staff redundant on top of the 1,200 it has already said were leaving the business. Through the 2019 strategic review, we also concluded that several of our businesses were, not operating in a way that was compatible with the Group's cash flow capital objectives. Reference to 'Adjusted' excludes adjusting items, see page 12. For leases in the above categories, a lease liability or right-of-use asset is not recognised. The company said its results for the period would be “materially better” than the same period last year. The company confirmed that its statutory operating loss fell to £24.4 million from £32.5 million last year. Short positions in Kier’s shares have rocketed as hedge funds bet against the contractor in the run-up to its end of year results on Thursday. A gain of £16.1m was recognised as an adjusting item in the year to 30 June 2019. Trading update . The figure, which represented a marginal improvement on the 2019 loss of … It said that since 30 June 2019 it’s been awarded £1bn of new contracts and been appointed to a number of frameworks, including the £30bn Construction Works and Associated Services framework for the Crown Commercial Ser… The Group released contingent consideration in FY19 relating to the McNicholas acquisition which is not payable. Kier’s up-for-sale residential business lost £89m in its last financial year, new accounts have revealed. We also delivered three surge hospitals across the UK. Kier’s up-for-sale residential business lost £89m in its last financial year, new accounts have revealed. The business should benefit from recent Government announcements such as the £2bn Green Homes Grant and £1bn Building Safety Fund. 2. During the year, this business primarily focused on margin enhancement and, therefore, exited some lower return contracts, resulting in revenue and profit being less than in FY19. The Group maintains its position as one of the leading providers of construction and infrastructure services to Government and regulated entities; No payment of dividends over the review period; The Group's supply-chain finance facility is retained at the same level as at 30 June 2020; The Group operates within its financial covenants under its principal debt facilities during the review period; The Group's revolving credit facility is re-financed on substantially the same terms (noting that it is currently scheduled to expire in June 2022); The Group's Schuldshein loans and USPP notes are repaid on their respective maturity dates during the review period; and. During the year we have recognised substantial one-off costs, including the costs associated with the reorganisation of our southern regional building business stream and associated with the cost reduction programmes, our engagement with the group’s lenders, as well as the fees associated with the execution of our strategy.”, new senior management team continues to focus on driving a range of ‘strategic and operational actions’ throughout the group and, whilst it is, anticipated that the effects of Covid-19 will continue, the actions being implemented are designed to ensure Kier is well placed to benefit from the ‘proposed substantial increase’ in UK infrastructure investment.”, Contract awarded for £3.6m Orkney primary school project, Scottish Gov report claims Brexit is threatening devolved matters such as infrastructure funding, Construction law specialist calls for more protection for consumers over cladding ‘crisis’.
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