Troubled RCR Tomlinson delays results
Street Talk. Sasha Woolley
- Street Talk
- Aug 23 2018 at 12:15 AM
- Updated Aug 23 2018 at 12:15 AM
You can cross road and rail contractor RCR Tomlinson off the reporting season calendar for Thursday.
The $463 million company was scheduled to hand down its full-year results on Thursday morning, but it seems the group needs more time to get its head around a problematic solar contract.
The company notified fund managers late on Wednesday night that the results would be postponed.
Worryingly, no new date was given.
The reason given was the company's "current ASX suspension".
RCR shares have not traded since July, as it investigates cost blowouts on an unspecified project, which is expected to have "a material negative impact" on 2018 earnings, "with utmost seriousness."
It has already seen CEO Paul Dalgleish leave the building, and expectations are it could be ugly once RCR is ready to come to market.
The company has advisers on hand working through its options, but is believed to be seeking to get back to trading without the need to raise fresh funds.
RCR All Quiet On The Western Front, page-7
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