News Articles for Forge Group

Litigation funder Bentham IMF and law firm Slater & Gordon will pursue a potential class action against failed engineering contractor Forge Group amid allegations of misleading and deceptive conduct by the company.

The failure of construction company Forge Group has forced Roy Hill's major contractor, Samsung C&T, to consider alternative ways to continue work on the iron ore project, including the possibi

In hindsight, Forge Group founder Peter Hutchinson was unwittingly prophetic when he spoke to Business News in June 2012, on one of his last days at the company. Explaining his decision to hand the reins to more experienced managers, Mr Hutchinson said he wanted to ensure Forge didn't enter the “graveyard of mining services contractors that have come unstuck”.

The spectacular collapse of Forge Group highlights some of the big differences between the resource states and other parts of Australia.

It's not often that 6,000 investors are in total agreement, but in the case of the collapsed Forge Group there's no doubt that all of the company's shareholders will recognise that the failure had one cause – management incompetence.

A three-month battle to keep Forge Group afloat has come to a sudden end, with administrators and receivers called in to manage the company's assets after financier ANZ Banking Group withdrew support for the engineering contractor.

Struggling contractor Forge Group has forecast a loss of up to $25 million for the 2014 financial year, slashing its earnings guidance on the back of cost blow-outs at several projects.

SPECIAL REPORT: The past 12 months have been tough for WA's corporate finance professionals, but there is cautious optimism that 2014 will be a different story.

Forge Group has announced further cost blow-outs of up to $28 million on one of its power station projects, less than two months after telling the market it had defined the full extent of its problems.

Forge Group has entered a trading halt as it prepares to update the market on its financial position after announcing a $127 million profit writedown late last year.

Forge Group shares have recovered ground following a horror month of trading, with the contractor announcing it has been given the green light to proceed with $830 million of engineering works at the Roy Hill iron ore project.

Forge Group shares have risen on news it has secured a $40 million contract, helping to repair an 80 per cent single-day nose dive in late November when it announced a $127 million profit writedown on two power stations.

FEATURE: It has been a difficult year for many of WA's listed entities, but investors are backing the performance of most of the state's top executives.

It's too early to pass judgement in the case of Forge Group's troubles, but the signs aren't encouraging.

Forge Group looks set to surrender a significant share of its equity to creditor ANZ Banking Group in exchange for a company-saving debt package, as spooked investors wiped more than 83 per cent from the contractor's market value.

Just four months after becoming Forge Group's new lender, it appears ANZ Banking Group will need to pitch in more debt financing to keep the struggling company afloat.

Forge Group's current troubles cast its rapid expansion in a new light.

Forge Group has requested a third extension to its voluntary trading suspension after admitting that the scale of losses on two power station projects won't be known until it completes negotiations with a customer and key sub-contractor.

Forge Group says performance issues at two of its power station projects are likely to affect its earnings guidance, with the company extending a voluntary trading suspension as it holds discussions with financiers.

Forge Group has suspended its shares two days after calling a trading halt as it is still unable to determine the full extent of performance issues at two of its power station projects.

Mining services group Ausdrill has warned shareholders it is battling weaker than expected market conditions, entering a trading halt as it prepares to release an update on its outlook for the 2014 financial year.

Forge Group has placed its shares in a trading halt, flagging performance issues at two of its power station projects.

Company directors must be getting nervous after watching the voting patterns at recent annual meetings.

Wangara-based Ranger Drilling has been awarded its largest ever contract in the form of an $18 million grade control drilling contract at Hancock Prospecting's $10 billion Roy Hill project.

Forge Group has won more than $50 million in asset management contracts in the space of four months as it looks to grow its presence in North America.

Central Systems and McConnell Dowell are the latest companies to secure big contracts at Hancock Prospecting's $10 billion Roy Hill iron ore project.

Forge Group has lost a $290 million contract after Chinese-controlled miner MMG ceased work at its Dugald River project in Queensland.

Former Westside Corporation chief executive Julie Beeby and former QCoal general manager Grahame White have been appointed as non-executive directors of Forge Group, following the resignation of Ma

Eight Western Australia-based resources sector firms have been removed from the list of Australia's top 300 companies, providing further evidence that the slowdown in mining activity is hurting WA

When Forge Group announced this week it had won a $1.47 billion Roy Hill construction contract it was with new joint venture partner Duro Felguera, from Spain, rather than its former alliance partn

A joint venture led by Perth-based mining and engineering contractor Forge Group has secured a $1.47 billion construction contract at Gina Rinehart's $10 billion Roy Hill iron ore project in the Pi

Forge Group has shrugged off tightening conditions in the resources sector and is on the lookout for acquisitions after reporting a net profit jump of nearly 30 per cent on the back of a record revenue performance.

Investors who kept their money in Australia's top blue chip stocks enjoyed great returns in the 2012-13 financial year.

Perth-based contractors Decmil Group and Forge Group have reacted to the mining slowdown by seeking work in other industry sectors, with the two companies announcing new deals today outside their traditional scope, worth a combined $207 million.

Forge Group's newly acquired US-based subsidiary Taggart Global has been named preferred contractor for a $US221 million engineering and construction contract at the Vista coal project in Alberta,

Engineering and construction company Primero Group has enjoyed enormous growth in its brief existence.