Brierty warns of slower 2009

Civil contractor Brierty has warned shareholders of a slower second half for the 2009 financial year as customers, including Fortescue Metals Group, defer work.

In a slide presentation for today's annual general meeting, Brierty said it is keeping a close watch on its resource contracts, following deferral requests from customers.

FMG has deferred work on its Pilbara port until April next year and Mount Gibson Iron has deferred the Brierty contract on its Koolan Island iron ore operations until July 2009.

Despite the warning, Brierty said that its diverse business and customer base provided a buffer against the current market volatility which has seen its share price drop from a high of some $1.80 to today's closing price of 15.5 cents.

Brierty said it currently has secured revenue for fiscal 2009 of $180 million.

Meanwhile the Maddington-based company said it was well placed for opportunities in the infrastructure sector in the medium term due to significant federal and state government spending, with prospects in the Mid West and Pilbara regions.

Additionally, Brierty said there were opportunities in land subdivision outside of the Perth metro area, in the north west of the state and the Northern Territory.

Brierty said it was on track to perform in line with fiscal 2009 expectations.