• Fletcher Building has issued a profit warning and announced chief executive Mark Adamson will resign.

The company said its operating profit for the year to the end of last month would be $525 million, about $100m below its previous guidance of $610m to $650m.

Fletcher’s problems stem from cost blow-outs on two construction projects.

These are understood to be the Justice and Emergency Precinct in Christchurch and the Auckland’s Sky City International Convention Centre, however Fletcher would not confirm them by name because of “client confidentiality”.

READ MORE:
Fletcher Building a ‘serial underperformer’
Fletcher Building snaps up roofing firm, may enter joint venture
If Fletcher Building is struggling, others will be too

STUFF

Fletcher Building chief executive Mark Adamson said he was disappointed to be leaving the firm amidst bad news.

READ MORE VIA STUFF