Analysts pan new Fletcher provision: 'a lump of coal for Xmas'

Jarden's Grant Swanepoel has doubts about Fletcher's earnings guidance. (Image: Jarden)

Thu, 22 Dec 2022

Jarden analyst Grant Swanepoel summed up the investment community’s reaction to the news Fletcher Building had to add another $150 million to its high-rise provisions as “a lump of coal for Xmas”.Last week, Fletcher blamed the blowout above its insurance cover on the cost of completing the SkyCity convention centre project on a combination of the complexity of the repair process following the 2019 fire, covid delays and inflation.The company had already taken provisions totalling about $1 billion in early 2018 and had repeated...

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