Diploma Group Limited (ASX:DGX)
says that a project planned by its wholly owned subsidiary Diploma Construction will no longer go ahead.
Diploma had announced a binding heads of agreement with the developer of The Marina Edge project in Port Coogee, Perth to undertake construction of the project.
However certain conditions have not been met and Diploma have shelved the deal.
Diploma Group reported a net loss of $10.85 million for the 2015 financial year.