ANOTHER year, another tough struggle for building materials supplier WG Wearne.Its results for the year to end February, released after the market closed on Thursday, included a warning from auditor Grant Thornton that there was "material uncertainty regarding the going concern issue, which is emphasised further by the group’s negative liquidity position and high gearing".In May, WG Wearne said it was in advanced negotiations with a consortium led by Jade Capital Partners to sell its precast division for R20m.The results statement said the aim of this process was to reduce the cash flow pressures on the group and improve the liquidity and solvency of the individual subsidiaries."The group is optimistic that once the restructure plan has been implemented in full, a viable and profitable business will emerge," it said.The company stressed it was technically solvent, with a net asset value of R42.2m. Current liabilities of R213m exceeded current assets of R97.7m.WG Wearne grew revenue ...
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