RCR Tomlinson Limited suspended from quotation immediately

  • Aug 01, 2018 AEST
  • Team Kalkine
RCR Tomlinson Limited suspended from quotation immediately

Suspension from Official Quotation: RCR Tomlinson Limited (ASX: RCR), engineering and infrastructure group, announced about suspension  from quotation of the securities immediately under Listing Rule 17.2, at the request of the company. This is regards to the probable FY18 financial results. The stock was expected to commence trading from 1st August as was placed in trading halt on 30th July, 2018. Moreover, there is a fear of earnings downgrade ahead of its full-year results in August in the market. There is also a speculation that some of the company's contracts are not performing as per the expectation. Additionally, RCR had earlier said that the company had $3.2 billion in orders and preferred contracts, and the company’s revenue and earnings will continue to grow with a number of contracts to flow through to support 2018-19 revenue. Now the group is being said to incur high bidding costs.

RCR has only announced about $100 million of contracts in the first six months of 2018. Further, RCR is among one of three companies that was shortlisted along with John Holland and Laing O'Rourke for a $233 million contract to manage the systems integration, testing and commissioning of Auckland's new rail link. The company had submitted the proposals in May. On the other hand, delays to some of RCR's solar projects are raising concerns. The commissioning process seems to be taking more time with higher costs anticipated.

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