Kier share price hits 23-year low following yet another writedown

By Jordan Marshall and Will Ing2019-06-03T07:47:00

Firm says it will take an additional £40m hit in current financial year which ends this month

Kier's shares are worth less today than at any time since it was listed in 1996 after the struggling contractor once again announced a surprise writedown.

The firm has said its underlying operating profit will be £25m lower than previously forecast for its financial year ended 30 June 2019, while it has also said the costs of its streamlining programme, Future Proofing Kier, will be around £15m higher than expected.

Investors reacted angrily to the news, with Kier's share price shedding 42% of its value to 160p within an hour, with the stock recovering only slightly to 164p when the market closed.

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