Peter Reichler

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 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.

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’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.

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

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

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.

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

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.