Programmed to take goodwill writedown

Labour hire business Programmed Maintenance Services will writedown goodwill by $28 mln in half year results, after deterioration in marine services market

Programmed Maintenance Services expects to take a non-cash impairment charge of $28 million to goodwill in its half year results.

The company on Friday said the write-off would be on account of significant deterioration in the market for marine services in recent months.

Programmed incurred an impairment charge to goodwill in its 2015 full year results, ahead of its $652 million takeover of rival labour hire business Skilled Group that wrapped up in October.

Programmed is scheduled to report the half year earnings on November 19.