• Voter paralysis

    With so much tilting voters against change, democratic reason is the loser, says Solly Moeng.

  • The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

All data is delayed
Loading...
See More

Group 5 cuts jobs, warns of tough times

Nov 29 2011 16:19
Reuters
Johannesburg - South Africa’s fourth-largest construction firm Group Five slashed 500 jobs in the past five months and has downgraded its 2012 trading outlook, reflecting heavy dependence on the slumping domestic construction market.

Group Five, which employs about 12 000 people, said it retrenched the 500 - including contract workers - since June and could cut more in the coming months, although the numbers were likely to be insignificant.

South African construction companies, once the darlings of investors in the building boom leading up to the 2010 Soccer World Cup, have been plunged into oblivion as they struggle to find replacement work elsewhere.

Group Five CEO Mike Upton said although the group wanted to have “a firm home base”, it had plans in place to ensure its order book is split 60:40 South Africa work and cross-border work, respectively.

Group Five’s R9bn  worth of secured work as of October is heavily weighted in favour of South Africa at 66% and the rest from neighbouring southern Africa countries, the Middle East and Central and West Africa, it said.

The company, which operates in 22 countries outside South Africa, said it was bidding for work in countries that include Qatar, Nigeria, the Democratic Republic of Congo, Poland and Bulgaria.

Upton said the company has identified R138bn worth of new work that it could bid for, 10% of which it has been selected for as a preferred bidder. The potential job is made up of R57bn offshore and R81bn domestic.

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote

Loading...