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MARKET REPORT: Shares in construction group Kier plunge by 18% as it finds another £50m worth of debt

Just three months after Kier’s rights issue flopped, shares plunged again as it revealed its debts are £50 million bigger than previously reported. The construction group blamed the mistake on an accounting error, and has upwardly revised its net debt as of December 31 from £130 million to £180.5 million. At the same time, Kier said it is expecting to take a £25 million hit this year because of delays on its contract to redevelop Broadmoor Hospital in Berkshire. Just three months after Kier’s rights issue flopped, shares plunged again as it revealed its debts are £50 million bigger […]

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