Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
This time last year, share worth £5-£6 with lots of uncertainties and it is clear that Kier business model is working and making profit for half year net £30 million. Also look at independent report at the bottom of results which shows all is good after checking. I am very positive after looking results.
Prompt Payment Code re-insteadSat 11:30
http://www.constructionenquirer.com/2019/12/20/kier-construction-reinstated-to-prompt-payment-code/
http://www.constructionenquirer.com/2019/12/20/kier-construction-reinstated-to-prompt-payment-code/
Debt-laden Kier has sold one of its joint venture property investments in London for £50m.
https://www.constructionenquirer.com/2019/10/03/kier-offloads-london-office-for-50m/
Revenue: 4.494 billion GBP (2019)
Operating income: 124.1 million GBP (2019)
Not bad for company with £167M net debt.
Once Kier Living sale approximately £140-150M
Kier already sold regional office £50M
Planning to reduce property business £100M
Simple math says debt free company in next results.
https://www.theconstructionindex.co.uk/news/view/kier-wins-30m-braintree-development
The bank’s shares have crashed almost 90 per cent since disclosure of the error, which sparked two regulatory probes. Metro Bank was dumped from the FTSE 250 earlier this month.
The lender dropped a £250m bond issue designed to attract investment yesterday after a lack of interest, despite Metro Bank having offered investors a substantial 7.5 per cent yield.
The bond was issued on Monday morning, but orders had only reached £175m by 1pm yesterday, leading the bank to rescind the offer.
Metro Bank is required to raise bail-in debt known as MREL to meet a regulatory deadline next January.
After the offer was scrapped, a Metro Bank spokesperson said: “Given current market conditions we have decided not to continue with the transaction at this time.
“Metro Bank has a strong capital position and therefore the flexibility to raise new capital at the right time between now and the end of the calendar year.”
The Group operating profit from trading activities was £124m. This is the profit made before the “exceptional” accounting charges or adjustments are applied.
Exceptional items are those that are unusual or bespoke and can also be judged as non-recurring. This accounting structure is required to segregate and report the underlaying (recurring) performance of the business separately from items that are material, one -off situations and therefore exceptional. This provides transparency of trading profitability and performance - where profits or losses are made. This provides balanced information that assists better assessment of the future prospects of the company.
The Group results also included a significant schedule of exceptional items that totalled £341m, clearly a huge sum. These issues primarily relate to costs associated with the strategic imperative of restructuring and simplifying the Group. They specifically include adjustments required to prepare for delinking of the businesses that are being sold.
It is important to understand the exceptional charge of £341m has only limited remaining impact on our future cash balances -£30m by 2021. The other exceptional items are represented by balance sheet adjustments that do not have a direct cash impact or items that are already embedded within the Group cash (and debt) position.