Clough says cash is ok

ENGINEERING group Clough has played down the significance of cash flow pressures being experienced by some of its projects, saying it was a normal part of the business. WA Business News has obtained a copy of an email from Clough Projects oil and gas business unit chief executive Steve Rogers in which he urges staff to be proactive in communicating with creditors. He discouraged staff from “simply telling them we don’t have any money to pay them, which will scare any creditor”. Instead he recommends that staff explain “we are currently experiencing a short-term cash crisis but we fully expect to be able to pay your invoice within the next 2-3 weeks”. Clough’s chief financial officer Andrew Walsh said the group had a policy of getting each of its projects to manage their own cash flow. “This is a project issue, not a group issue,” he said. “It’s a normal part of business that some debts are paid early and some are paid late.” Clough last week announced a net loss of $16.7 million for the half-year to December 2005, in line with its expectations.


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