FBU Chart.

[stoploss]

If you talk to anyone in the building industry , they seem to have plenty of stories around the losses on CHCH building contracts ...not to mention the Auck convention centre ...... going to take some time to turn this ship around ....

[minimoke]

I haven't seen anything about their exposure to EQC remediation repairs. There are a few of those around as well

[Beagle]

https://www.nzx.com/companies/FBU/announcements/309070

Downgrades come in threes - looks like it is coming true for FBU?

Yeap but I expect tomorrow's downgrade to FY18 to be just the first of three for this year. Should be an interesting meeting tomorrow, "almost" worth owning a few shares to attend and would do if I thought they were worth anything more than $5.

[value_investor]

Potential reasons (most likely to least)
- Profit downgrade due to over zealous or optimistic forecasting
- Shifts at the top or a culling of staff through restructure
- Negotiating with the unions going nowhere or resulting in FBU increasing wages
- wrongdoings or fraud

I wouldn't put it past FBU at this point for any of those four happening. I'll be watching this one for interest sake..

[Kay]

"The Company is reviewing the financial performance of its Building + Interiors (B+I) business unit, which is being informed by the independent KPMG review of the two largest B+I projects,"

Convention Center and Commercial Bay?

I doubt a Convention Center downgrade would surprise many

But I wonder if Commercial Bay is about to be added to the list of naughty projects...

[sb9]

"The Company is reviewing the financial performance of its Building + Interiors (B+I) business unit, which is being informed by the independent KPMG review of the two largest B+I projects,"

Convention Center and Commercial Bay?

I doubt a Convention Center downgrade would surprise many

But I wonder if Commercial Bay is about to be added to the list of naughty projects...

Yeah signs are pretty ominous, expect some fireworks and war at ASM being held this morning at Akl War Memorial Museum Event Centre.

[sb9]

https://nzx.com/companies/FBU/announcements/309157

Here are all docs, had a quick look through, yes another downgrade, they come in 3s, right?

And new CEO announced Ross Taylor (not cricketer), think he's an Aussie...

[winner69]

Think it says F18 underlying earnings about the same as last years $525m ...maybe more

Not a total disaster

[Rep]

Think it says F18 underlying earnings about the same as last years $525m ...maybe more

Not a total disaster

It won't be provided that they actually achieve the bottom of the range of guidance - KPMG have presumably run the ruler over two large projects (NZICC and maybe Commercial Bay) and the Board won't want to miss the bottom of the earnings range but there will be 'diamond crushing' levels of pressure on management down to make that minimum and not take another downgrade lest all credibility is lost.

[RTM]

Think it says F18 underlying earnings about the same as last years $525m ...maybe more

Not a total disaster

Maybe not. Nevertheless, pleased to be out.