Monday 23rd November 2020
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Metro Performance Glass today released interim results for the 2021 financial year, achieving a significant improvement in Australian profitability and a solid recovery in New Zealand following the five-week COVID‐19 alert level 4 shutdown early in the reporting period.
Group revenue for the six months to 30 September 2020 (1H21) of $117.0m was 14% lower than the prior year. New Zealand revenue declined 19% to $89.2m as a result of the shutdown period, with daily sales from June to September only 3% lower than the same months last year. In contrast, Australian revenue rose 3% to $27.8m. Group EBIT (before significant items) for the half year was $12.8m, down from $14.5m in 1H20 and net profit after tax (NPAT) in 1H21 was $7.6m, slightly down from $7.7m in 1H20.
Net bank debt declined by $25.7m year on year to $47.7m, supported by a one‐off cash benefit from the sale and leaseback of two thirds of our vehicle fleet, a $4.6m reduction of working capital, and a 49% reduction in capital expenditure. Over the past six months net debt reduced by $19.2m.
Metroglass CEO Simon Mander said “New Zealand’s underlying performance over a very challenging six‐month period demonstrates the resilience of the business. The market remains highly competitive, and the strength of our people and depth of our customer relationships remain key to our value proposition.”
Australian Glass Group’s (AGG) revenue grew 3% in 1H21 versus the prior comparable six‐month period, including 18% growth in the key double‐glazing products. This growth was offset in the half by a 38% decline in the sales of other glass products which was principally driven by the restructuring of our New South Wales business in December 2019. AGG delivered a positive EBIT of $0.4m in the half year, representing a significant improvement on the $2.3m EBIT loss in 1H20.
Market conditions and outlook
Mr Mander said “Future market conditions remain uncertain and given the impacts of COVID‐19 and heightened market competition are likely to be with us for some time, it is critical that the group remains vigilant and adaptable.
“Reflecting the significant level of uncertainty the group is facing, we now anticipate providing guidance on expected results for the 2021 financial year alongside a trading update in February 2021.”
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