The boss of Australia’s largest privately owned building company says his firm won’t make any money this year, as he was forced to auction off a developer’s home to recover millions owed to him.
Sophie Foster Follow @SophieFoster 3 min read April 16, 2023 - 12:00AM News Corp Australia Network
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The boss of Australia’s largest privately owned building company says his firm won’t make any money this year, as he was forced to auction off a developer’s home to recover millions owed to him.
Scott Hutchinson of Hutchinson Builders said he had “multiple” projects that were now costing them money to be on site to complete construction.
While he was confident his firm would survive given the strength of their $388m balance sheet, he said no money would be made this year.
“It’s bad at the moment, I’ve never seen it like this. We’ll be right, we’ve got a big balance sheet, but we’re not going to make money this year I don’t think.
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