Monday 22nd February 2021
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Metro Performance Glass today provided an update on recent trading and issued guidance on anticipated results for the FY21 year, which are expected to be released on the 21st of May 2021.
Simon Mander (CEO) said: “We’re pleased with the solid and resilient performance from across the group. The strength of our people and depth of our customer relationships have enabled us to maintain our leadership position and service performance despite COVID‐ 19 disruptions and prolonged uncertainty.
“Recent COVID‐19 cases and increased restrictions in Auckland and in Victoria have illustrated the ongoing threat that the pandemic poses and how quickly circumstances can change. Our teams are now accustomed to this operating environment and where required can mobilise our COVID‐19 response protocols rapidly, however lock‐downs like those seen in Auckland and Victoria in recent weeks are very disruptive in the short term to the business, our customers and the broader supply chain.”
While commercial construction activity has seen some softness, residential activity in New Zealand and Australia has remained robust supported by significant Government stimulus packages, record low interest rates and increased confidence in the sector, all of which is continuing to generate a strong pipeline of activity.
Outlook for FY21 results and consideration of dividends
For the full year ending 31 March 2021 Metroglass currently expects to achieve Group EBIT in the range of $16.5m to $18.0m vs. $21.8m in FY20 (restated), with net debt of circa. $49m representing a circa. $18m decrease year on year. This guidance is contingent on no new and significant COVID‐19 related restrictions being imposed in either New Zealand or Australia before year end.
Simon Mander said “Our focus on cash generation and debt reduction over the past two years has enabled us to make good progress towards our signalled target of 1.5x net debt to 12 months rolling EBITDA, which we now anticipate achieving in the first half of FY22.
The Board intends to review the group’s capital allocation policy, including the timing for the resumption of dividends. An update will be provided alongside the full year results release in May 2021.
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