Third profit downgrade for Forge

Forge issued a third profit warning in as many months. Rather than the previously expected earnings before interest, tax, depreciation and amortisation (EBITDA) of $45-50m, the company now expects to book a loss of $25m. That excludes depreciation and asset write-offs. Results, when released, will be ugly. Although the company described the loss as ‘one-off’ there are signs of ongoing distress. In need of immediate cash flow, it has been unable to bid for new work and margins on existing work have fallen. The entire industry has become more competitive as participants hunt for cash generating work. Forge’s dilemma...

Forge issued a third profit warning in as many months. Rather than the previously expected earnings before interest, tax, depreciation and amortisation (EBITDA) of $45-50m, the company now expects to book a loss of $25m. That excludes depreciation and asset write-offs. Results, when released, will be ugly.

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