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Downer has identified the misreporting of revenue and work in progress in one of its maintenance contracts.
An investigation has been completed, reporting of revenue across all material work in progress contracts has been reviewed.
Downer is confident the misreporting was specific to the contract, a commercial reset has been agreed with the customer and the Utilities management team responsible for the contract has been replaced.
Downer has been selected as the preferred applicant to deliver the Queensland Train Manufacturing Program (QTMP).
Downer will design, manufacture and commission 65 six-car passenger trains, two training simulators, a purpose-built train manufacturing facility at Torbanlea and a maintenance facility and stabling yards at Ormeau.
Downer will also be responsible for maintaining the new rollingstock fleet, simulators and the Ormeau maintenance facility for an initial term of 15 years and a maximum term of 35 years.