Stefanutti warns of possible job losses
The JSE-listed firm cites subdued conditions in the local construction industry as the biggest challenge
Listed construction firm Stefanutti Stocks on Thursday flagged the possibility of further restructuring and retrenchments if the subdued conditions in the local construction industry persisted. The possible job losses at the company once again shine the spotlight on the difficulties that some construction companies face amid dwindling work from SA’s private and public sectors. Since February 2018 , Stefanutti’s order book has fallen by 9%. “That is the lowest the order book has been in two years. What do you do if the order book is down? You do not have work for all the people. You need to right-size. Unfortunately, the people are always the casualty of the fact that there is not enough work,” says CEO Willie Meyburgh.
In response to limited investments, Stefanutti has in the past scaled down operations. “We need to scale down in terms of management and total workforce — from the labourer up to senior management. It is not nice but because of the state of the economy, we have ...