Alternative needed from the absolute crap of stuff.co.nz
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@jegga
$1billion lost in 2 years, how the fuck are they still going?
Like how they blamed the qs guys that fucked up the quoting, some cases out by 100% ... ouch -
@virgil said in Alternative needed from the absolute crap of stuff.co.nz:
@jegga
$1billion lost in 2 years, how the fuck are they still going?
Like how they blamed the qs guys that fucked up the quoting, some cases out by 100% ... ouchBlaming the QS guys ? Hahahahahahahahahahahaha
All that sweet Christchurch rebuild money gone too.
Labour costs have increased since they quoted for some of those projects but you'd think they have some sort of clause for that in contract , sheer incompetence really. -
It’s hard enough just quoting on doors so I can’t imagine how much fun it is to quote on big multi million projects a couple years before it would even begin
Clearly not save guarding themselves by upping the quote to allow for costs increase -
Lack of management and board experience in construction industry - well documented labour difficulties - biting off more than can chew. Very glad I exited my FB holdings last May. Construction industry in NZ is littered with similar examples that led to bankruptcies. Fortunately Fletchers is divested enough to cover the losses from their other divisions. Still breaching your covenants is never a good look
Nevertheless I doubt the losses will come near to the level indicated. Having had to tell the market bad news three times now they have surely learned their lesson and over estimated a worst case scenario. Plus new CEO will want to be able to say "I have worked a miracle. Kneel down before me mere mortals and bathe in my magnificence" (It's what I'd do)
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I know when I cock up a quote I just over charge the next guy!
Will they be doing the same.. -
@virgil again?
Have to be a pretty poorly run/managed organization to lose money in a construction boom.
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@taniwharugby said in Alternative needed from the absolute crap of stuff.co.nz:
@virgil again?
Haha yup, not too often of course
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@taniwharugby said in Alternative needed from the absolute crap of stuff.co.nz:
@virgil again?
Have to be a pretty poorly run/managed organization to lose money in a construction boom.
There was an article last year about how many construction companies fold up during , it’s actually worse than I thought it would be.
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@jegga expect from the smaller operators who think shit is going so well I'll buy a new Ranger, the wife a new Highlander, new boat, jet ski, go on holidays etc...but a huge corporate like Fletchers, surely incompetent or negligence?
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@taniwharugby said in Alternative needed from the absolute crap of stuff.co.nz:
@jegga expect from the smaller operators who think shit is going so well I'll buy a new Ranger, the wife a new Highlander, new boat, jet ski, go on holidays etc...but a huge corporate like Fletchers, surely incompetent or negligence?
Er my boss just bought his mrs a highlander and himself a bt50
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@bovidae said in Alternative needed from the absolute crap of stuff.co.nz:
As I understand it FB bid low to win those tenders so someone didn't do the maths and still allow themselves some wiggle room.
Yeah I think they were trying to squeeze out some of the competition at the same time as getting the work which was mostly prestigious sort of stuff . I don’t think there’s a member of the fletcher family left now too.
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@jegga will his vehicle be branded? For tax deduction etc? or is this just a spend up as he's flush (for now!)
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@paekakboyz don't need to be signwritten for tax deductions bro, just need a good accountant!
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Doesn’t matter, the business is likely to be in their pet dogs name anyway
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@taniwharugby I was wondering about that - I had thought you needed some form of branding/signage - even if that was minimal to get the tax break. Hmm I wonder if this is part of the issue for Fletchers!! sounds like they have shit accountant (and board, board chair, ummm and a few others!!).
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@paekakboyz said in Alternative needed from the absolute crap of stuff.co.nz:
@taniwharugby I was wondering about that - I had thought you needed some form of branding/signage - even if that was minimal to get the tax break. Hmm I wonder if this is part of the issue for Fletchers!! sounds like they have shit accountant (and board, board chair, ummm and a few others!!).
Wonder how many of their project managers drive around in 2017 Ford Rangers..
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Now we know why it's the best selling vehicle in NZ!!
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@virgil said in Alternative needed from the absolute crap of stuff.co.nz:
@paekakboyz said in Alternative needed from the absolute crap of stuff.co.nz:
@taniwharugby I was wondering about that - I had thought you needed some form of branding/signage - even if that was minimal to get the tax break. Hmm I wonder if this is part of the issue for Fletchers!! sounds like they have shit accountant (and board, board chair, ummm and a few others!!).
Wonder how many of their project managers drive around in 2017 Ford Rangers..
Drive past the transmission gully site office in the morning and check out all the new Colorado’s .
