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Fletcher Building (NZX: FBU) Trading Update

Tuesday 10th November 2020

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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

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