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Devine will not release FY'18 outlook as it resolves construction claims

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Devine will not release FY'18 outlook as it resolves construction claims

Due to contractual and insurance claims in its construction business, Devine Ltd. Chairman David Robinson said "it is not appropriate" to provide financial guidance for full-year 2018.

Robinson noted that the company's short-term financial outlook depends on the success of discussions to resolve the claims. As part of its plan to solve the problem as quickly as possible, Robinson said a commercial resolution is expected within 2018 but it is also possible that it will initiate full legal process.

The company did not provide further details on the claims, citing commercial sensitivity, but noted that the amounts involved are "significant" and expected to have "a meaningful impact" in the company's finances during the year. Robinson added, according to a transcript of his May 22 address to shareholders, that the company's debt has increased year over year, but is expected to return to normal when the claims are satisfactorily resolved.

In other news, the chairman also said the Australian real estate company, which has a new CEO, is planning to buy new development sites to supplement its pipeline of about 6,000 residential lots.