• The post you are reporting:
   
  All very interesting BUT the Business section of the Daily Telegraph of Tuesday 12th March reported by Oliver Gill the following (extract) under the headline
  
  "Kier says accounting error to blame as it reveals extra £50m of debt to investors":
  
  "Troubled contractor Kier shocked investors by admitting its debt pile was £50m higher than it had previously thought.
  An accounting error in Kier's half-year results at the end of December meant net debt was £181m rather than £130m.
  Shares closed down 12pc,wiping out some of the gains made since Kier's calamitous emergency rights issue at the end of last year.
  The HS2,Crossrail and Hinkley Point C contractor said the upward loan revision related to a £40m "debt reclassification" and and a £10m increase relating to the company's hedging activities.
  Some loans attached to contracts Kier wants to sell were moved into its general net debt position increasing the overall balance.
  The announcement comes as Kier tries to reduce rather than increase loans on its balance sheet...
  ...Despite delivering a fresh shock Kier insisted yesterday it would meet expectations for the year to June saying "returns were weighted towards the second half of the financial year"
  
  I think there is some food for thought there for all involved in the DGSB proposals.

Report Post

Your Name

Reason