Kier Group, the construction and building services firm has sold two of its Public Finance Initiative projects at a profit of £6.8m.
At the end of November Kier sold its investment in West Berkshire Hospital to the Innisfree PFI Continuation Fund for £5.0m. Yesterday it raised £3.1m by selling its stake in the Hinchingbrook Hospital to its own pension scheme for £3.1m.
Kier says in combination the proceeds "represent a valuation discount rate on the base case cash flows of approximately 7 per cent."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Kier shares were up 1.14% in morning trading, over the year to date they are down 2.7%.
BS.
-
UK inflation: are prices rising?Following January's surprisingly high Consumer Prices Index reading, what has happened to UK inflation in the year to February?
-
Digital Services Tax: will Reeves let big tech off lightly to avoid tariffs?Rumours are circulating that the Digital Services Tax on big tech companies could be cut as Rachel Reeves seeks to appeal to president Trump
