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Group Five said on Tuesday it could not provide any more detail on the delayed Kpone power project in Ghana, but said hold-ups would severely hamper the company’s interim results to December 2017. The JSE-listed construction group’s first-half results for financial 2018 come out next week. For now, it is in a closed period but based on the assessment of an independent expert the final completion date for the $410m gas-and oil-fired power station will now be in June 2018. To this end, the company expects a 151% leap in headline loss per share for the period from the same period in 2016. “The Kpone contract, together with the ongoing pressure in the South African construction market — and the further rationalisation of overheads in the construction businesses and the corporate office — continue to place pressure on free cash resources,” Group Five said. Possible project-delay penalties were capped at $62.5m, assuming the group was responsible for a six-month delay in completion of the...

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