Kier's Results Delay Rattles Investors

The Week: Morningstar columnist Rodney Hobson rails at Kier's bungled results announcement, which left shareholders in the dark for nearly two hours

Rodney Hobson 18 September, 2020 | 9:12AM

The Week

For one hour and 39 minutes, shares in construction group Keir (KIE) traded in what was in effect a false market. Long-suffering shareholders deserve better.

On the morning that results for the year to June 30 were expected at 7am, it took just over an hour ­– and six minutes into trading – for the stock market to be informed that “there has been a technical issue” and the figures had been delayed. In the absence of any proper explanation, or any idea when the figures would be eventually released, the shares quickly slumped from 55p to 49p, a drop of 11%.

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About Author

Rodney Hobson

Rodney Hobson  is a columnist for Morningstar.co.uk and author of several investing books, including The Dividend Investor and How to Build a Share Portfolio.

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