Disposal of Wheldon Contracts and Services Limited
29 June 2018
KIER GROUP PLC
Disposal of Wheldon Contracts and Services Limited
Kier Group plc ("Kier"), a leading property, residential, construction and services group, announces that it has completed the disposal of Wheldon Contracts and Services Limited ("Wheldons") to Eighty Seven Holdings Limited for a total consideration of up to £0.4m, satisfied in cash.
Wheldons, acquired in July 2017 as part of Kier's acquisition of McNicholas, provides heating services in the housing and commercial sectors for registered providers and contractors.
For the financial year ended 30 June 2017 (prior to its acquisition by Kier), Wheldons reported a loss before tax of £2m. In the financial year ending 30 June 2018, Wheldons is expected to report a marginal loss before tax of approximately £0.6m. Wheldons had gross assets at 30 June 2017 of £4.0m.
Net disposal proceeds after costs are expected to be immaterial.
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For further information, please contact:
Louise Turner-Smith, Kier investor relations +44 (0)7976 90012
Kier press office +44 (0)1767 355903
Richard Mountain/Nick Hasell, FTI Consulting +44 (0) 20 3727 1340
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This announcement does not constitute an offer of securities by Kier Group plc (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 any of its subsidiaries (together, the "Group") 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''. 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 or the Group's ability to control or predict. Forward-looking statements are not guarantees of future performance. You are advised to read the section headed ''Principal risks and uncertainties'' in the Company's Annual Report and Accounts for the year ended 30 June 2017 for a further discussion of the factors that could affect the Company's or the Group's future performance and the industry in which it operates. 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.
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.
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