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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Kier Group Plc | LSE:KIE | London | Ordinary Share | GB0004915632 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.60 | 0.42% | 143.00 | 142.40 | 143.00 | 143.00 | 140.40 | 140.40 | 49,907 | 10:13:49 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gen Contractor-oth Residentl | 3.41B | 41.1M | 0.0921 | 15.53 | 638.23M |
From May 2019 to May 2024
TIDMKIE
RNS Number : 5353P
Kier Group PLC
10 October 2019
10 October 2019
Kier Group plc
Publication of the 2019 Annual Report and Notice of Annual General Meeting
Kier Group plc (the "Company") announces that its annual general meeting will be held at the offices of Linklaters LLP, One Silk Street, London EC2Y 8HQ on Friday 15 November 2019 at 10.00 am.
The Company has today made available on its website at www.kier.co.uk/2019-annual-report-and-annual-general-meeting/ the annual report and accounts for the year ended 30 June 2019 (the "Annual Report"), the notice of annual general meeting and the form of proxy. These documents will be submitted to the National Storage Mechanism shortly, where they will be available for inspection at www.morningstar.co.uk/uk/NSM.
The Company announced its results for the year ended 30 June 2019 on 19 September 2019. Additional information has been extracted from the Annual Report in unedited full text and is included in the Appendix to this announcement for the purposes of compliance with the Disclosure Guidance and Transparency Rules. Page numbers and note references in the Appendix refer to page numbers in the Annual Report and the notes to the Company's consolidated financial statements for the year ended 30 June 2019 as included in the Annual Report.
For enquiries, please contact:
Phil Higgins
Deputy Company Secretary
07562 210 903
The Company's Legal Entity Identifier is 2138002RKCU2OM4Y7O48.
Cautionary statement
This announcement does not constitute an offer of securities by the Company. Nothing in this announcement is intended to be, or intended to be construed as, a profit forecast or a guide as to the performance, financial or otherwise, of the Company or the group of companies of which the Company is the holding company whether in the current or any future financial year. This announcement may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "plans", "target", "aim", "may", "will", "would", "could" or "should" or, in each case, their negative or other variations or comparable terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and may be beyond the Company's ability to control or predict. Forward-looking statements are not guarantees of future performance. Important factors that could cause these differences include, but are not limited to, general economic and business conditions, industry trends, competition, changes in government and other regulation, changes in political and economic stability and changes in business strategy or development plans and other risks. Other than in accordance with its legal or regulatory obligations, the Company does not accept any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise.
APPIX
Principal risks and uncertainties
The following information is extracted from pages 32 to 37 (inclusive) of the Annual Report.
The Board's assessment of the principal risks and uncertainties facing the Group and a summary of the key controls and mitigations are each summarised below. The Board considers these to be the most significant risks facing Kier. Not all risks facing the business are listed and the risks are not listed in any order of priority.
Hot Features
Premium
Description Key mitigations/controls
1. Safety, health and sustainability
Principal risk: failure to maintain a safe and sustainable
environment and prevent a major incident
-------------------------------------------------------------------------------
The Group's operations are inherently Continuation of the Group's
complex and potentially hazardous SHE behavioural change programme;
and require the continuous management Continued focus on the five
of safety, health and sustainability basics of SHE risk management;
issues. and
Setting a tone from the top
through activities such as
senior management visible
leadership tours.
---------------------------------------- -------------------------------------
2. Regulation
Principal risk: failure to manage increased scrutiny and oversight
and/or comply with new regulations
-------------------------------------------------------------------------------
The sectors in which the Group Regular engagement with Government
operates are subject to increasing and Government agencies with
scrutiny from stakeholders, oversight respect to the Group's performance;
from regulators and requirements Monitoring of, and planning
introduced by new legislation for, the impact of new legislation
or regulation. and regulations; and
Collaborative engagement with
external stakeholders.
---------------------------------------- -------------------------------------
3. Funding
Principal risk: failure to maintain adequate funding or liquidity
-------------------------------------------------------------------------------
The Group requires access to Effective cash forecasting
funding and associated facilities and working capital management;
(for example, bonding lines) Collaborative engagement with
to be able to operate and conduct banks, lenders and sureties;
its business effectively. and
Dispose of non-core businesses
to reduce net debt.
---------------------------------------- -------------------------------------
4. Market and sector performance
Principal risk: a general market or sector downturn affects
the Group's performance
-------------------------------------------------------------------------------
The Group's performance is affected Evaluate markets, including
by macroeconomic factors which the impact of macroeconomic
affect UK business in general factors and the associated
and/or the markets in which the market risk of specific events
Group operates. (for example, Brexit);
Review the Group's pipeline
of future work to identify
market trends and plan accordingly;
and
Maintain a broad sector focus
to mitigate against the decline
of a particular sector.
---------------------------------------- -------------------------------------
5. Operating model
Principal risk: the Future Proofing Kier programme does not
result in an efficient operating model
-------------------------------------------------------------------------------
The Group's future performance Close project management of
is in part dependent on the FPK the FPK programme;
programme delivering significant Effectively communicate the
cost savings and an efficient benefits of the FPK programme
operating model. to maintain its momentum;
and
Challenge the business to
implement material, sustainable
change.
---------------------------------------- -------------------------------------
6. Contract management
Principal risk: ineffective contract management leads to losses
-------------------------------------------------------------------------------
Effective contract management Identify early warnings of
is central to the Group's business under-performing contracts;
model. The Group has a number Adhere to the Group's contract
of large and complex contracts risk governance framework;
in progress at any one time. and
Failure to manage the risks associated Timely and accurate reporting
with these contracts could materially of contract performance.
and adversely affect the Group's
financial performance.
---------------------------------------- -------------------------------------
7. Pre-contract governance
Principal risk: inadequate pre-contract governance fails to
identify contract risk
-------------------------------------------------------------------------------
Effective pre-contract governance Careful selection of tender
is essential in ensuring that opportunities;
the Group understands the risks Adhere to the Group's contract
associated with its projects risk governance framework;
and puts in place appropriate and
mitigation plans. Continued focus on supply
chain procurement.
---------------------------------------- -------------------------------------
8. People
Principal risk: failure to retain key employees and identify
future leaders
-------------------------------------------------------------------------------
The Group's employees are critical Focus on skills development
to its performance. The Group and retention plans for the
understands the need to identify, talent pipeline;
retain and motivate people with Create an effective, inclusive
the right skills, experience work environment through our
and behaviours and to identify Performance Excellence culture;
tomorrow's leaders. and
Clear and effective communication
with the workforce.
---------------------------------------- -------------------------------------
9. Supply chain
Principal risk: maintain effective working relationships with
the supply chain
-------------------------------------------------------------------------------
The Group relies on its supply Develop long-term relationships
chain to deliver its projects. with critical subcontractors;
Maintaining close and effective Continue to reduce subcontractor
working relationships with members payment terms; and
of the supply chain is therefore Review the supply chain to
a priority for the Group. ensure alternative delivery
mechanisms are available and
appropriate contingencies
are in place.
---------------------------------------- -------------------------------------
10. Strategy execution
Principal risk: failure to execute strategy
-------------------------------------------------------------------------------
The Company recognises the importance Focus from all stakeholders
of delivering the plans identified on driving forward the disposal
in its announcement of 17 June programme;
2019 Effective engagement with
key external parties including
credit institutions; and
Communication of progress
of implementation of the plans.
---------------------------------------- -------------------------------------
Brexit
The UK is currently expected to leave the EU on 31 October
2019, although the timing remains uncertain. Management established
a 'Brexit taskforce' which has considered the potential effects
of Brexit on the Group. The Group has identified potential
risks relating to, for example, the supply chain, the workforce
and the supply and cost of materials. The Group has set up
contingency plans in respect of potential risks which have
been identified, is monitoring developments and will keep
these plans under review. We are working closely with our
supply chain at a project level to assess their approach to
Brexit and have undertaken scenario planning sessions to develop
plans to ensure continuity with respect to potentially critical
points of supply. In addition, the Group is working with its
employees from EU members states who are looking to continue
to live and work in the UK post-Brexit.
-------------------------------------------------------------------------------
Related party transactions
The following information is extracted from note 30 to the Company's consolidated financial statements for the year ended 30 June 2019 on page 175 of the Annual Report.
Related parties
Identity of related parties
The Group has a related party relationship with its joint ventures, key management personnel and pension schemes in which its employees participate.
Transactions with key management personnel
The Group's key management personnel are the Executive and Non-executive Directors as identified in the Directors' Remuneration Report on pages 78 to 97.
In addition to their salaries, the Group also provides non-cash benefits to Directors and contributes to their pension arrangements as disclosed on p83. Key management personnel also participate in the Group's share option programme (see note 26).
Key management personnel compensation comprised of:
2019 2018
GBPm GBPm
====================================================== ===== =====
Emoluments as analysed in the Directors' Remuneration
Report 5.2 5.6
Employer's national insurance contributions 0.6 0.8
====================================================== ===== =====
Total short-term employment benefits 5.8 6.4
Share-based payment charge 0.7 0.7
====================================================== ===== =====
6.5 7.1
------------------------------------------------------ ----- -----
Transactions with pension schemes
Details of transactions between the Group and pension schemes in which its employees participate are detailed in note 8.
Transactions with joint ventures
2019 2018
GBPm GBPm
==================================== ===== =====
Construction services and materials 278.2 116.9
Staff and associated costs 10.0 8.9
Management services 16.0 4.4
Interest on loans to joint ventures 0.6 0.7
Plant hire 1.3 0.8
------------------------------------ ----- -----
306.1 131.7
------------------------------------ ===== =====
(1) The comparative figures have been restated to include GBP13.2m of transactions with joint ventures previously not disclosed.
Equity loans due from joint ventures are analysed below:
2019 2018
GBPm GBPm
------------------------------------------------ ----- -----
Kier Cross Keys Holdco 1 LLP 38.9 35
Kier Community Living Topco 1 LLP 32.1 8.9
Solum Regeneration (Twickenham LLP) 14.2 12.2
Kier Trade City Holdco 1 LLP 12.7 4.3
Kier (Newcastle) Investment Ltd 10.1 9.7
Kier (Southampton) Investment Limited 10.0 9.3
Kier Richmond Holdings Limited 9.9 9.9
Watford Health Campus Partnership LLP 7.0 7.7
Kier Cornwall Street Holdings 1 LLP 6.5 6.5
Kier Cornwall Street Holdings 2 LLP 6.5 6.5
Solum Regeneration (Epsom) LP 5.3 5.3
50 Bothwell Street Holdco 1 LLP 5.2 4.8
Solum Regeneration (Bishops) LLP 5.0 1.1
KCK Peterborough Holdco 1 LLP 4.8 4.8
Solum Regeneration (Guildford) LLP 3.4 1.9
Easingwold Holdco 1 LLP 2.9 2.9
Stokesley Holdco 1 LLP 2.7 2.7
Driffield Holdco 1 LLP 2.5 0.8
Solum Regeneration (Walthamstow) LLP 2.0 3.8
Strawberry Percy Holdings 1 LLP 1.6 1.6
Strawberry Percy Holdings 2 LLP 1.6 1.6
Link 140 Holdings 1 LLP 1.4 1.4
Notaro Kier LLP 1.3 2.9
Black Rock Holdco 1 LLP 1.2 1.2
Solum Regeneration (Redhill) LLP 1.2 1.2
Winsford Holdings 1 LLP 1.2 1.1
Kier Sovereign LLP 0.8 5.2
Solum Regeneration (Maidstone) LLP 0.6 0.6
Solum Regeneration (Haywards) LLP 0.4 0.4
Solum Regeneration Holding 1 LLP 0.2 0.2
Solum Regeneration Holding 2 LLP 0.2 0.2
Solum Regeneration (Kingswood) LLP 0.1 0.1
Solum Regeneration (Surbiton) LLP 0.1 0.1
Kier Reading Holdco 1 LLP - 10.5
Lysander Student Properties Investments Limited - 3.9
193.6 170.3
------------------------------------------------ ----- -----
The comparative figures have been restated to include GBP68.1m of loans to joint ventures not previously disclosed.
Trading balances due from joint ventures are analysed below:
2019 2018
GBPm GBPm
---------------------------------------- ----- -----
Kier Cross Keys Dev LLP 6.0 -
Kier Community Living LLP 4.2 0.2
Tri-Link 140 LLP 3.8 -
Stokesley Devco LLP 3.3 0.5
Hackney Schools for the Future Limited 1.4 2.7
Winsford Devco LLP 0.8 -
Easingwold Devco LLP 0.5 -
Driffield Devco LLP 0.4 1.4
Kier Richmond Limited 0.3 -
Team Van Oord Limited 0.1 0.1
KCK Peterborough Devco LLP 0.1 -
Solum Regeneration (Guildford) LLP - 0.9
Kier (Southampton) Investment Limited - 0.3
Watford Health Campus Partnership LLP - 0.2
Kier Sydenham LP - 0.1
Kier Trade City LLP - 0.1
20.9 6.5
---------------------------------------- ----- -----
Directors' responsibility statement
The following statement is extracted from page 100 of the Annual Report.
Each of the Directors, whose names and functions are set out on pages 54 and 55, confirms that to the best of his or her knowledge:
the financial statements contained in this Annual Report, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation as a whole; and the management report contained in this Annual Report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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October 10, 2019 11:04 ET (15:04 GMT)
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