Sharechat Logo

Metro Performance Glass Limited (NZX: MPG) Trading Update and Guidance for FY22

Monday 22nd February 2021

Text too small?

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.

Please see the link below for details:

Metro Glass trading update (Feb 2021)

Source: Metro Performance Glass Limited



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Meridian Energy monthly operating report for July 2022
Cannasouth to launch a pro-rata renounceable rights issue
August 12th Morning Report
2022 Annual Shareholders' Meeting & Director Nominations
Rakon 2022 Annual Meeting Chair's Address and Presentation
VHP - Full year results release
RAKON FY23 Earnings Guidance
August 11th Morning Report
Deferral of FDA consideration of enforcement discretion
MHJ - Response to ASX Query