Sharechat Logo

Fletcher Building (NZX: FBU) Trading Update

Tuesday 10th November 2020

Text too small?

Fletcher Building today provided an update on year-to-date trading for its 2021 financial year. Trading for the four months ended 31 October 2020 (“the period”) compared to the four months ended 31 October 2019 (“the comparative period”) (unaudited results):

- Group revenues up 1%

- Group EBIT before significant items of $227 million, up $80 million

- Group EBIT margin up 2.9ppts to 8.4% due to improved operating efficiency

- Cash flow and balance sheet remain strong: net debt $388 million, liquidity $1.4 billion as at 31 October 2020

Commenting on the year-to-date performance and expected trading conditions for the remainder of FY21, CEO Ross Taylor said: “Through all the disruption and uncertainty of the past year, our people have adapted and responded superbly, maintaining a focus on delivering for our customers. We were heavily impacted in FY20 by the COVID-19 restrictions, resulting in a significant earnings loss for the Group of $196 million, so we are pleased to have begun the new year well.

As we look ahead, our customers are pointing to volumes remaining at current levels through to the start of the new calendar year. However, there is uncertainty in the second half of the financial year, with the impact of broader macro-economic factors on our markets in New Zealand and Australia not yet clear. Also, December and January are always lower trading and earnings months for the Group.

At our Annual Shareholders Meeting on 25 November 2020, we intend to provide earnings guidance for 1H21. We will update further on trading conditions at our half-year results announcement on 17 February 2021 and at an investor day planned for May 2021.”

See the links below for more details:

Fletcher Building Trading Update

Source: Fletcher Building Limited

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
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:

Westpac Banking Corporation (NZX: WBC) Sells General Insurance Business to Allianz and Enters 20 Year Distribution Agreement
NZX Limited (NZX: NZX) Investor Day and Earnings Guidance Update
Synlait Milk Limited (NZX: SML) Sustainability Report Shows GHG Emissions Improvements
IPO Offer: New Zealand Rural Land Co
Infratil Limited 6-year Infrastructure Bonds
Allied Farmers Limited (NZX: ALF) Launch of Renounceable Rights Issue
NZ Windfarms Limited (NZX: NWF) VVFPA Document Completion and FY2021 EBITDAF Guidance Range
Property for Industry Limited (NZX: PFI) Signals Positive Valuation Outcome
SkyCity Entertainment Group Limited (NZX: SKC) Update on SkyCity Adelaide, Including Opening of Expansion
Sky Network Television Limited (NZX: SKT) Announces Chief Executive Change

IRG See IRG research reports