More losses at Forge

Forge Group has confirmed a further $23-28m of losses at troubled power plant contracts, taking total losses to $150m at the West Angelas and the Diamantina power stations. The company was cagey on the analyst conference call, refusing to take questions publicly, but there was palpable relief that losses were confined to these two projects. Thankfully Forge will bid for no further work in the power sector. Further engineering work will require up to $19m in cash, a sum that ANZ’s generous working capital facility will finance. For an option on 13% of the business, ANZ has waived debt covenants,...

Forge Group has confirmed a further $23-28m of losses at troubled power plant contracts, taking total losses to $150m at the West Angelas and the Diamantina power stations. The company was cagey on the analyst conference call, refusing to take questions publicly, but there was palpable relief that losses were confined to these two projects. Thankfully Forge will bid for no further work in the power sector.

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