Kier Group PLC Acquisition of rail assets for GBP9.6 million (3207L)
September 04 2023 - 10:37AM
UK Regulatory
TIDMKIE
RNS Number : 3207L
Kier Group PLC
04 September 2023
4 September 2023
Kier Group plc
Acquisition of rail assets for GBP9.6 million
Kier Group plc ("Kier" together with its subsidiaries the
"Group") is pleased to announce that the Group has agreed to
acquire substantially all the rail assets from Buckingham Group
Contracting Limited ("in administration") ("Buckingham") and their
HS2 contract supplying Kier's HS2 joint venture, EKFB, for a total
consideration of GBP9.6 million in cash (the "Transaction").
Commenting on the Transaction, Andrew Davies, Chief Executive of
Kier Group plc, said:
"We have previously stated that we would consider value
accretive acquisitions in core markets where there is potential to
accelerate the medium-term value creation plan. This acquisition is
one such example - it is an excellent strategic fit and accelerates
our rail strategy, providing work with new rail clients and
increasing our capabilities. I am delighted to welcome our new
employees, clients and suppliers to Kier."
Given its modest size, the Board does not believe this
acquisition will materially impact the Group's forecasts for FY24,
nor its year end or average net cash position.
- ENDS -
For further information, please contact:
+44 (0)7933 388
Investor Relations 746
+44 (0)1767 355
Kier Press Office 096
+44 (0)203 727
Richard Mountain, FTI Consulting 1340
About Kier Group plc
Kier is a leading UK infrastructure services, construction and
property group. We provide specialist design and build capabilities
and the knowledge, skills and intellectual capital of our people to
ensure we are able to project manage and integrate all aspects of a
project.
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 2022 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.
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END
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