World Cup woes cause cash crisis at roofing firm

Grant Prior 7 years ago
Share

Roofing specialist Hightex is looking for short-term finance to enable it to keep trading following a string of problems on World Cup stadium work in Brazil.

A Stock Exchange announcement today confirmed the firm has been forced to suspend its shares and will have to delay its latest results announcement.

Hightex won a string of contracts in Brazil to install its iconic cable supported membrane roofs on World Cup stadiums.

Installation of the roof of the Maracana Stadium in Rio de Janeiro was completed in May

But the installation of the membrane roof on two other Brazilian stadia – Estadio Beira-Rio in Porto Alegre and Arena Das Dunas, Natal – was delayed during July and August because of late completion of steel works.

Hightex said it has “experienced difficulty” in obtaining the relevant financial information on these three significant contracts from its Brazilian joint venture, SEPA Hightex Coberturas Ltda,

It added: “It will not be possible to clarify the position in the immediate future and thus the Company is unable to meet its reporting timetable in relation to the announcement of its half yearly report for the six months ended 30 June 2013.

“Consequently, the Company’s shares have been suspended from trading on AIM from 7.30am this morning.”

Delays in payments from Brazil have also triggered a cash-flow crisis.

Hightex said: “In addition, as a result of delays in substantial cash receipts due to it from contracts in Brazil and minor delays from other projects the Company finds itself with very limited cash resources and without additional funding or significant receipts may not be able to continue to trade.

“Hightex is in active discussions with a number of potential providers of short term finance and continues to take all appropriate actions to recover amounts due in respect of Brazilian projects.

“The Company’s ordinary shares will be readmitted to trading on AIM on publication of its half yearly report and a further announcement will be made in due course.”

 

 

 

Latest news

Fit-out firm fined £1.1m after ladder fall

Engineer needs transfusion after massive blood loss caused by fall injury
1 day ago

SIG management blunders rack-up £112.7m loss

New boss promises growth strategy after PwC called in to investigate divisional forecasts
2 days ago

Union calls for construction workers to wear masks

Unite demands revisions to Construction Leadership Council guidelines
2 days ago

Robertson approved to start major Blackpool hotel

Site clearance to start next week on phase 2 of £100m Talbot Gateway regeneration
2 days ago

Failed NHS Nightingale joinery firm sold in pre-pack deal

J&P Carpentry and Joinery went into administration after working on Birmingham NEC hospital
2 days ago

Steel erection starts on first HS2 bridges

Cleveland Bridge starts erecting 65m bridge to span M42
2 days ago

Scotland’s builders begin return to work preparations

Firms hope to be cleared to return to work from mid-June
2 days ago

£61m infra loan to pave way for 6,500-home scheme

Local contractors to sign first deals this summer to transform Cambridgeshire site
2 days ago

Keep the industry updated by joining the Enquirer Directory

Membership lets construction know you are open for business now or in the future
2 years ago

Vistry asks subcontractors to cut rates

House builder warns trade packages could be retendered
3 days ago

TClarke rides out lockdown and eyes £2m half-year profit

M&E boss says swift cost savings helped firm breakeven in April and May
3 days ago

Kier confirmed for £97m Heartlands Hospital job

Work to start this summer on Ambulatory Care and Diagnostics Centre
3 days ago

Costain completes £100m fund raise

Dubai contractor takes 15% stake in Costain
3 days ago

Tycoon’s £1bn flats scheme consent quashed in Whitehall U-turn

Housing secretary accused of bias in backing Richard Desmond's 1,500-flat Isle of Dogs scheme
3 days ago

First pictures of giant HS2 tunnelling machines

TBMs being manufactured in Germany before launch on site later this year
3 days ago

M&E contractors hoping to ‘hold on’ through covid crisis

Engineering services leaders urge whole supply chain to work together to survive
3 days ago

Griffiths to start £25m historic Welsh viaduct upgrade

Restoration work to start next month on 150-year-old wooden viaduct
3 days ago

Barratt subcontractor rate cut letters “sent in error”

Specialists assured that 15% rate reductions are "not company policy"
4 days ago

NHS Nightingale joinery firm goes under

J & P Carpentry and Joinery collapses weeks after fast-track NEC conversion
4 days ago

EDF seeks consent for £18bn Sizewell C nuclear plant

Project will employ 25,000 construction workers, delivering a big post-covid 19 stimulus
4 days ago

Covid-19 compliance officers keep Ballymore sites safe

Contractors can draft in virus-protection help from new specialist supplier
4 days ago

ISG secures £17m Dudley leisure centre

Work to start on delayed Flood Street area leisure centre and swimming pool
4 days ago

Construction output to plunge 25% this year

Despite a strong rebound 2021 forecast to be down 6% from last year
4 days ago

£1bn building safety cladding fund open to applicants

Residential building owners can apply for funding for remedial work on non-ACM cladding systems
4 days ago

Roads contractors told to halve accident rates

Highways England aims to build on improved site safety performance seen during covid-19
5 days ago

Keepmoat to restart work on sites across England

House builder employs 1,150 staff and supports 10,000 supply chain jobs
5 days ago

A66 TransPennine £1bn upgrade route picked

Amey/Arup JV wins £45m design contract
1 week ago

Plan in for station on £40m revived Birmingham rail line

Plan lodged for new Moseley station on Camp Hill railway re-opening project
5 days ago

Highways firm trials social distancing tags on sites

Lightweight system can be clipped on belts, lanyards or hard hats
5 days ago

Ferrovial drops Agroman name

Ferrovial Construction become major project brand
5 days ago

Contractor services