Mining and civil works contractor Brierty has appointed administrators following low profits and market uncertainty.
The Western Australian-based company appointed KPMG’s Matthew Woods, Hayden White and Clint Joseph as administrators.
Brierty’s board members made the decision following a number of factors that “adversely impacted cash generation and profitability”.
These included difficulties in generating civil works profitability during the recent winter quarter; being unable to secure sufficient new work in the near term due to uncertainty in the market; and a sudden and sharp decline in land sales in Darwin.
The administrators will conduct financial and operational assessments of the company and plan to continue operating it on a ‘business as usual’ basis until future notice.
Brierty subsidiary Bellamack has not been appointed administrators and will continue to trade.