Calibre

Elliott joins Calibre Global

THE past 12 months was a lean time for lawyers working in the corporate finance field, with a slump in both takeover deals and capital raisings.Nearly all law firms in Western Australia reported a fall in both the number and value of transactions they worked on.

Mining services groups Ausdrill and Emeco have joined peer Calibre Group in announcing the general slowdown in mining and exploration activity in Australia will take a big chunk out of their expected profits.

Calibre Group has been awarded a $140 million contract to upgrade the Hay Point coal export terminal in Queensland for the BHP Billiton Mitsubishi Alliance.

While most contractors are bracing for a slowdown in WA project work, some international groups like Laing O’Rourke are bolstering their local operation.

Engineering contractor Calibre Group announced late today the resignation of managing director Rod Baxter, following a series of damaging profit downgrades that have shattered its stock price.

Engineering firms exposed to mining are going through a tough patch but prospects are much better for those like Technip and Clough in the oil & gas sector.

Two years ago, Viento Group was a battling property investment company treading water. Then along came former VDM Group managing director John Farrell and former NRW Holdings director John Silverthorne.

Shares in Viento Group have bucked the falling trend on the ASX today, after Calibre Group director and co-founder Ray Munro was announced as its new chairman.Viento shares were up 5.8 per cent at 27 cents, at 12:20PM, WST.

Perth-based engineering services provider Calibre Group has been awarded $60 million worth of rail and mine project contracts with iron ore giants BHP Billiton and Rio Tinto.

Engineering contractor Calibre Group’s Victoria-based subsidiary Brown Consulting has expanded into the west, acquiring Perth-based structural and civil engineering firm E-Tec Consultants.

A slowdown in the mining sector could have positive flow-on effects for employers in other industries, Business News' annual survey of the state's 100 largest employers has found.

Engineering and construction contractor Calibre Group says it is poised to maintain its earnings in financial year 2014 after reporting a 34 per cent fall in net profit in FY2013.

Indigenous business is thriving and growing in the north-west, but it was not an overnight success.

Calibre Group and Seven Group Holdings have appointed new chief financial officers today, with both being former executives at engineering contractor Downer EDI.

Calibre Group has won a $23 million contract on the Roy Hill iron ore project, with the work proceeding ahead of the project’s debt funding being finalised.The contract was awarded by engineering group Samsung C&T, which won a US$5.8 billion EPC contract for Roy Hill in March.

The $10 billion Roy Hill project remains on track to start mining next year and achieve its first iron ore exports in the third quarter of 2015, its project director said today.

Calibre Group says it is well-positioned to win further works in Singapore after securing a $14 million deal with a Singaporean government agency for underground rail engineering services.

Mining services company Calibre Group has launched a marketing joint venture with a Canadian oil and gas company as it looks to expand its presence into North America.

Calibre Group co-founder Ray Munro has agreed to take an executive role at Viento Group, where he will work alongside contracting veterans John Farrell and John Silverthorne.

Engineering and construction contractors Decmil Group and Calibre Group have both predicted a positive outlook after diversifying their businesses to cope with the mining services slowdown

Calibre Group has promoted acting chief operating officer Peter Reichler to the position of managing director, on a total fixed remuneration package worth $500,000 less than that of his predecessor.

Rio Tinto has highlighted the dramatic shift in strategy by the big mining houses by unveiling a ‘low cost’ expansion for its Pilbara iron ore business, with plans to lift production at five existing mines before it considers developing any new mines.

FEATURE: Salaries have come under huge pressure during the past year as widespread cost cutting takes its toll on executives’ take-home pay.

Mining services company Boart Longyear has taken the unusual step of awarding its recently appointed chief executive Richard O’Brien a US$5 million cash grant.

Calibre Group subsidiary Brown Consulting has acquired New Zealand-based engineering firm Spiire NZ for $NZ1.9 million ($1.75 million) from Downer as it continues efforts to diversify into new markets.

Perth-based mining services provider Calibre Group has been awarded a $22 million contract to provide management services for the brownfields expansion of Rio Tinto’s West Angelas iron ore mine in the State’s north west.

Engineering and construction contractor Calibre Group has reported a 13 per cent fall in half-year net profit, driven by a slump in revenue from its rail and transport business.

Calibre Group has appointed Peter Massey as group financial officer.Mr Massey most recently was executive finance officer with Transfield Services and previously held the executive vice-president of finance and CFO Americas roles at the company. 

Perth-based financial services group Pioneer Credit has outlined plans for a $40.2 million IPO, the largest by a Perth company in 20 months.

A range of sophisticated and institutional investors have been named as some of the major shareholders in financial services firm Pioneer Credit following its $40.2 million IPO.

The construction of Gina Rinehart’s $10 billion Roy Hill iron ore project is almost 40 per cent completed, with first exports due to occur next year.

Calibre Group’s maintenance and construction subsidiary, G&S Engineering Services, has been awarded new and extended work on the Hay Point Coal terminal expansion for BHP Billiton Mitsubishi Alliance in Queensland.

Former iiNet boss and 40under40 winner Michael Malone has joined the advisory board of specialist investor relations advisory firm Market Eye.Market Eye has advised iiNet on its investor relations for the past six years.

Calibre Group has appointed Derek Brown as managing director of its resource and energy business Calibre Global.

FEATURE: Emergency management and response firm Executive Risk Solutions has been named the Business News Rising Stars top award winner for 2014.

If the many different winners of the Rising Stars award have anything in common it is that all won the ability to choose their future – whether that be a trade sale, an ASX float or organic growth.

FEATURE: The June quarter presented a broad range of transactions for corporate players, however a noticeable lack of direction remains.

Perth-based Ark Maintenance has been acquired by Calibre Group subsidiary G&S Engineering Services for $3.3 million.

Engineering firm Calibre Group has reported a net profit after tax of $24.4 million for the year ended June 30 2014.

Rail infrastructure company Aurizon is positive but cautious about the West Pilbara iron ore project, with chairman John Prescott saying today that, on balance, he expects the development to proceed.

Engineering firm Calibre Group has forecast a gloomier than expected outlook for its business due partly to depressed iron ore and coal prices.

Fortescue Metals Group has ended a tough week for the iron ore sector by halving its projected capital expenditure for the 2015 financial year to $US650 million, in response to the continued weakening of the iron ore price.

Fledging Perth technology company APE Mobile has struck deals with some of the largest civil engineering contractors and secured Perth business leader Giles Everist to join its board.

Engineering firm Calibre Group has flagged an $185 million to $190 million impairment as a result of a downturn in its business outlook and forecast trading conditions, as well as the cost of property leases.

Corporate and financial communication firms, Citadel PR and Magnus Investor Relations, have entered into an agreement to combine their businesses to form a significant independent national player.

Cost cutting can only take a business so far, and with tough times set to continue for mining services contractors, innovation and diversification have a big role to play. Click through to see more on our Mining Services feature.

Leonard Math has been re-appointed as a non-executive director as a casual vacancy at Kangaroo Resources Limited. Mr Math holds a Bachelor of Business majoring in Accounting and Information Systems.

GR Engineering has reported strong growth in revenue and earnings, eclipsing a clutch of engineering and construction contractors to report their annual results today.

The latest round of annual reports has revealed some highly unusual movements in chief executive remuneration, including at Monadelphous Group and Mineral Resources.

The last day of the profit reporting season delivered a few surprises for Western Australia-based mining services companies, with NRW Holdings incurring a bigger-than-expected loss, VDM Group shrinking at a rapid rate, Swick Mining Services showing some promise, and Resource Development Group staying in the black.

Engineering contractor Calibre Group has announced a radical restructuring that includes a partial buyout of minority shareholders, delisting from the ASX, and the purchase of Sydney-based company Diona for $45 million.

Whether or not the Wellard IPO is successful, it demonstrates there is more to WA than just resources.

The chairman of engineering contractor Calibre Group told shareholders that he would step down after the company completed its delisting from the ASX, despite being up for re-election at a general meeting today.

Yan Lui has resigned from his positions of chief executive officer and Trinidad general manager at Range Resources. Mr Liu will remain on the board of director as a non-executive director. Joshua Wellisch has resigned as a non-executive director of Dakota Minerals.

Andrew Rowe has been appointed as the new chief executive officer of Perth Energy.

Past winners of the Business News Rising Stars growth companies awards have continued to make news, particularly those with private backing.

Business school headsThe University of Notre Dame Australia and Curtin University have appointed new heads of their respective business schools.