Ann: Fletcher Building Market Update, page-31

A quick look at their performance since 2005 should give you some clues. Despite having all sorts of advantages every time the conditions are in their favour they blow it. Generally due to over ambitious and poorly executed offshore expansion but the NGICC mess is right in their own backyard.

At present there's a competition between the management of construction (the NGICC and car park blowouts), Building Products (IPLEX plumbing pipe) and TradeLink (write down and serial underperformance against Reece) for residence in the dog house. Add to that a chunk of debt, management instability and no dividend.

Notwithstanding this there's a huge opportunity for significant change to slim it down to a lowly geared and highly profitable NZ business.

Will they execute? Maybe if the interim CEO promoted from the concrete division gets a chance but I'd first prefer that every single Board Member associated with the current mess is removed/replaced to make for a genuinely clean start.