Brierty recovers $2.5m

Civil and construction contractor Brierty has recovered $2.5 million from a weather-related insurance claim on a project with Main Roads Western Australia, but is yet to reach a resolution with regards to an outstanding $6.6 million dispute.

In a brief statement today, Brierty said it had finalised weather-related insurance matters it encountered while performing works on a local project for Main Roads, with $2.5 million received in full and recognised in the company’s first-half results.

However, a contractual dispute relating to the amount of rock encountered in cuttings on the same project remained ongoing, and has been referred to mediation.

“The mediation will be before an independent mediator agreed by the parties and is scheduled for February,” Brierty said.

The cost blowout on the project was flagged in August last year and forced Brierty to write the cost up against its 2015 financial year profit result in late September.

Brierty shares were 2.3 per cent higher to 21.5 cents each at the close of trade.