AWF Madison drops 3.7% as failed construction firms dent earnings

Tue, 16 Oct 2018

By Paul McBeth Oct. 17 (BusinessDesk) - AWF Madison Group shares fell 3.7 percent after the labour-hire firm said the collapse of three building companies dented its earnings. The company has taken an $800,000 provision after two customers failed in Christchurch and another fell over in Auckland. That resulted in a "significant" drop in earnings for its blue-collar unit as AWF's migrant workers had to be redeployed, creating a mismatch of workers needed and those available. It cost the firm about $1 million. AWF said first-half profi...

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