A construction company that's billion dollars down over five years ... when we're in the middle of a building boom.
Fletcher's Building and Interiors division has had a personnel clean-out and the company's chairman, respected businessman Sir Ralph Norris, is stepping down after today's bad news blow.
He's told Larry Williams the boom has squeezed resources in the construction pipeline.
"It's the old law of economics regarding supply and demand that price goes up and I don't think anybody anticipated the degree of increases."
Sir Ralph says Fletcher won't be bidding for big projects anymore, margins are far too low to sustain that sort of business.
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