News Articles for David M Simpson

The tougher business climate has prompted some WA companies to cut executive salaries, but most have held the line and some have even awarded pay rises.

Recent events in the business and political sphere highlight again the importance of having a good succession plan, a process that many leaders do not embrace or understand.

South Korean contractor Samsung C&T has announced it will take over the work previously contracted out to failed construction company Forge Group at Roy Hill.

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”.

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.

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 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.

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.

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

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 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.

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.

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

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.

Western Australian firm Forge Group has been awarded a contract to design and construct a zinc-lead-silver concentrator and associated plant facilities at MMG's Dugald River project in Queensland.

Nedlands-based Forge Group has won a $125 million contract to deliver a new peak-load power station in South Hedland for government utility Horizon Power.

Forge Group has announced a $105 million contract win with Worley Parsons, to construct a power station for BHP Billiton near Newman.

LOOKING at the remuneration packages negotiated by newly appointed chief executives in Perth, there is a common pattern -5 size equals money.

Forge Group subsidiary Cimeco has won two contracts from the Water Corporation, with a combined value of $12.2 million.

IF only all company directors could go out on such a high.Five years after establishing Forge Group, Peter Hutchinson and Andrew Ellison are leaving the business.

Prendiville chairs Tourism WA

Forge Group has announced boss Peter Hutchinson will be replaced by former Woodside executive David Craig as non-executive chairman.