Adelaide Brighton sticks to outlook, Australia

Adelaide Brighton sticks to outlook, Australia
Published: 21 August 2009

Adelaide Brighton’s managing director Mark Chellew said yesterday that commercial activity would be ’difficult’ for the next 12 months, although the company was ’relatively pleased the impact of the global financial crisis has been relatively minor on our business so far.’

Andrew King, portfolio manager for Concise Asset Management, which owns shares in Adelaide Brighton, expressed confidence over the future outlook for the company and said it was a ’well-run company’. Debt dropped by 27 per cent, but losses in the masonry segment and a US$1.3m charge to pay for redundancies and shut down its Essendon plant hit the group.