2015 could be described as a perfect storm for Aveng with a combination of ongoing deterioration in our key markets, particularly steel, and internal issues, primarily relating to the completion of a number of projects which have placed substantial pressure on the Group’s operating performance. In addition the Board decided to provide for some claims in Aveng Grinaker-LTA which management believes are commercially valid but are taking a long time to resolve. The result of these factors is that Aveng incurred a headline loss of R578 million for the year to 30 June 2015.
Aveng has continued to experience challenges in difficult operating conditions, compounded by slow claims resolution and areas of poor operational execution in its South African and Australian markets which have contributed to a worse than anticipated financial performance during the year to 30 June 2015.Read more
— Australasia and Asia
— South Africa and rest of Africa