Programmed Maintenance earnings need repairing

Wilson Asset Management

Wilson Asset Management

On Thursday labour hire and maintenance firm Programmed Maintenance Services (ASX: PRG) flagged a $75.0 million impairment resulting from poor performance in its marine services division. The company also downgraded expectations for overall operating earnings for its financial year ended March 31, 2016 by approximately 10%. PRG said it has experienced a sharp decline for marine services following the decline in oil and gas prices. PRG shares closed down 44% this week. We do not own PRG in the investment portfolio.

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Wilson Asset Management

Wilson Asset Management has a track record of making a difference for shareholders and the community for more than 20 years. As the investment manager for eight leading LICs – WAM Capital (ASX: WAM), WAM Leaders (ASX: WLE), WAM Global (ASX: WGB),...

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