Pinned straw:
After reading the scoops on the corruption riddled construction component of the CFMEU, you’d have to wonder if this has been “Buiding Bad” headwinds for Peoplein over time. From the AFR this morning:
“A company run by brothers known to police and championed by the CFMEU has ballooned into one of NSW’s biggest labour hire operations, and construction giant John Holland Group has agreed to make it a preferred supplier.
With the union’s backing, the company, Zenith Recruitment, has won lucrative taxpayer-funded contracts. A leaked internal document suggests the John Holland Group struck a secret memorandum of understanding last October with the union to only source labour hire from four CFMEU-preferred companies, including Zenith, on the taxpayer-funded $1.7 billion M7-M12 project.”
I have no information that links to the impact this may have had on PeopleIn’s labour hire business in the construction industry, but this has surely not helped. Peoplein derives 31% of their EBITDA from industrial.
mmm Good point @Rick. I have followed your SM threads on PPE for some time now. You made a good call way back to get out. I hope you did and weren’t like me that suffered from the sucker disease to HOLD. This would have to be one of my biggest down falls. I would love to over come it. Im now working that position out of the hole. Its not a huge hole though still any hole sucks in the investment world (please dont let your minds wonder on that statement, i just realised what i wrote and apologise).