Brierty managing director Peter McBain. Photo: Attila Csaszar

Brierty tumbles on project blowout

Shares in Brierty have tumbled on news the civil and construction contractor stands to lose $15 million on a deal with Main Roads Western Australia.


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Salter Point
Another failure under Dalton Gooding's leadership. In 2013, shareholders of Avita were furious over company losses, the excessive MD salary and the overall decline in company performance that occurred during Dalton's 11-year rein as chairman of the board. Mr Gooding stood down from the position in response. And here we are again with Brierty Limited, after nine years of Mr Gooding’s leadership. Shareholders should start scrutinising Mr Gooding and holding him accountable. According to Brierty annual reports, Mr Gooding has the Brierty board use his company (Gooding Partners) for "due diligence" for which Brierty pay Gooding Partners around $150,000 a year. How is this independent? Look up how many board positions Mr Gooding currently holds in addition to managing his own company. Is this appropriate? NB: Brierty's 2015 annual report discloses Mr Gooding is a director of three other listed companies. It also discloses Gooding Partners was paid $53,353 in FY15 (not $150,000) and $16,000 in FY14. This comment has been edited prior to publication. Mark Beyer, News Editor

Salter Point
And in FY2013, Gooding Partners was paid over $180,000 by Brierty for due diligence services, as per company's annual report.

Gooding is chairman of too many companies and quite a few seem to be reporting annual profit losses. It's not just a coincidence. Shareholders and workers are losing out. It's time he is stopped before he runs any more companies into the ground.

Narara NSW
The comments by Shannon and Taryn are interesting. According to Dalton Gooding's LinkIn profile, he is currently: senior partner, Gooding Partners Chartered Accountants; non-executive chairman,TFS Corp; chairman, Brierty; board member, RAC WA; chairman, St Ives Group; chairman, Katana Capital Ltd; chairman, Service Finance Corporation Limited; chairman, Ruthinium Group; chairman, JH Wilberforce Pty Ltd; chairman, Cooling Brothers Glass Pty Ltd; director, Elkington Bishop Molineaux; and chairman, Perth Investment Corporation Ltd. How he can do justice to half of these businesses at once is beyond me. Having said that, his area of expertise is not project management, so I don't know how much he could be blamed for the project cost issues. Something else that is easy to criticise in hindsight is the special dividend of about $8 million given to shareholders from a share issue, when it would have been better used to lower debt or reduce the need for future debt at Brierty.

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