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Metro Performance Glass Limited (NZX: MPG) Announces Solid FY21 Results

Friday 21st May 2021

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Metroglass announces solid FY21 results in year significantly affected by COVID‐19

• The Group delivered solid FY21 results with resilient performance in the competitive NZ market and significantly improved performance in Australia overshadowed by the significant impacts of COVID-19

• NZ revenue declined 2% year on year in the 10 months from June 2020 to March 2021 (following the Alert Level 4 shutdown and ramp up period)

• EBIT before significant items down 18% to $17.9m

• Statutory net profit after tax of $8.5m up from $(78.9m) in FY20

• Strengthened balance sheet with strong operating cash flows driving a 28% reduction in net debt

• Intention to resume dividend payments alongside the FY22 interim results

Market conditions and outlook

Residential dwelling consents in New Zealand have remained elevated, despite the pandemic, supporting a healthy pipeline of work. However, capacity constraints across the wider construction industry may limit growth in the near term. In south east Australia, the level of residential approvals has significantly improved through FY21 compared with the year prior which will provide some support through the 2021 calendar year.

Mr Mander said: “We are increasingly confident that activity across both New Zealand and Australia will be at least sustained at current levels for the rest of the 2021 calendar year. However, we remain alert to COVID‐19 risks and the significant disruptions in international shipping, both of which are likely to continue until the end of 2021.

“The residential segment in New Zealand will continue to be competitive and dynamic through FY22, and we will continue to take a prudent approach to managing our costs. Capital expenditure will be focused on essential areas, but we will also invest for growth where appropriate. In the coming year, we will work hard to support the success of our customers by providing excellent service and maintaining our market‐leading position in New Zealand and growing position in Australia.”

The company will provide shareholders with an update on early FY21 trading performance at its Annual Shareholders’ Meeting on the 6th of August 2021.

Please see the links below for details

0. Metroglass FY21 results letter for NZX & ASX

1. MPG FY21 results announcement

2. MPG FY21 results presentation

3. MPG FY21 Annual Report

4. MPG FY21 NZX Appendix 1

Source: Metro Performance Glass Limited

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