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

Analysts pan new Fletcher provision: 'a lump of coal for Xmas'
Jarden's Grant Swanepoel has doubts about Fletcher's earnings guidance. (Image: Jarden)
Jenny Ruth
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...

More Infrastructure

KiwiRail reveals $8m cost of McKinsey contract
Infrastructure

KiwiRail reveals $8m cost of McKinsey contract

Rail Minister Winston Peters calls it an unacceptable payment. 

Oliver Lewis 02 Apr 2025
Mainfreight praises 'logical, sensible' rail ferries decision
Infrastructure

Mainfreight praises 'logical, sensible' rail ferries decision

Port companies on both side of the Cook Strait also welcome increased certainty.

Oliver Lewis 01 Apr 2025
Meet your new ferries, New Zealand
Infrastructure

Meet your new ferries, New Zealand

Winston Peters confirms new Interislander ferries will be rail-enabled.

Oliver Lewis 31 Mar 2025
Developers make unsolicited bids for prime Chch rebuild site
Policy

Developers make unsolicited bids for prime Chch rebuild site

Crown Infrastructure Delivery is weighing up options for the massive site.

Oliver Lewis 28 Mar 2025