Downer EDI boss claims to have ‘good grip’ on problems
Key Points
- Why it matters: Downer declared a non-cash impairment charge of $549.6m for 2022-23.
- The writedown relates to its 2017 purchase of Spotless.
- New Downer boss Peter Tompkins has cleared the decks ahead of its result next week.
Downer EDI’s boss, Peter Tompkins, says the troubled contractor’s new management team has “a good grip on all known issues” after disclosing $550 million in write-downs ahead of the company’s annual results.
One week before reporting fiscal 2023 earnings Downer told investors it will deliver an annual net loss of $386 million and warned it was facing a more competitive market for defence projects and ongoing difficulties with some utilities projects.
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