Fletcher slims

Friday 15th August 2003

The executive exodus from Fletcher Building will continue as the company cuts costs, chief executive Ralph Waters said on Wednesday.

Unveiling a higher than expected $168 million June-year profit, Mr Waters said the buoyant housing markets in both New Zealand and Australia would probably start to slow down but any erosion of revenue would be offset by savings from combining Fletcher's three New Zealand board businesses and the $754 million Laminex acquisition.

Twenty managers have already left the company and Mr Waters said more would follow. Revenue rose to $3.2 billion, from $2.9 billion a year ago.

Mr Waters also announced the Building Depot and Hire-a-Hubby franchise businesses would be sold.

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