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- Tamawood (TWD) confirms it is not one of the 50 per cent of Queensland builders at risk of insolvency as reported in the Courier Mail
- The company recently received its Queensland Building and Construction Commission licence renewal, which showed financial capacity is more than double the current license revenue being used
- Tamawood remains debt free with in excess of $3.1 million in the bank and a further $1.6 million expected in early December
- On market close for the day, Tamawood is up 0.58 per cent and is trading at $3.45 per share
Tamawood (TWD) has confirmed it is not one of the 50 per cent of Queensland builders at risk of insolvency as reported in the Courier Mail.
Earlier this month, the company received its Queensland Building and Construction Commission licence renewal, which showed financial capacity is more than double the current license revenue being used.
Tamawood remains debt free with in excess of $3.1 million in the bank and a further $1.6 million expected in early December.
TWD’s business includes contract home construction, home design and other associated activities in Australia, franchising and licensing operations.
Additionally, the company noted that it has wrote to the Federal Treasurer last year to oppose the introduction of the HomeBuilder Grant.
Since the introduction of the grant, Tamawood has moved quickly to take appropriate measures to avoid losing the $40,000 per job as reported in the Courier Mail.
These measures include Adjusting its contract prices starting in July 2020 and continuing over the past 18 months in line with supplier and subcontractor rate rises, keeping key suppliers and subcontractors and retaining key staff.
“Tamawood is well placed to complete all of its customer contracts and continues to
work together with its key suppliers and subcontractor network to minimise delays to
the completion of our customers’ homes and continue with the 14 day average
payment term to subcontractors,” the company said.
“To date we have not approached any clients, where the delay was not cause by the clients, for the cost of delays.”
On market close for the day, Tamawood was up 0.58 per cent and is trading at $3.45 per share.
