Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Fletcher Building Meeting documents and FY20 guidance

Fletcher Building Annual Shareholders’ Meeting documents and FY20 guidance

Auckland, 28 November 2019: Fletcher Building is today holding its 2019 Annual Shareholders’ Meeting (ASM) in Auckland. Attached are the:

- Chair’s address

- Chief Executive’s address

- ASM presentation

Included in the Chief Executive’s address is a year to date trading update for the group and guidance for expected FY20 EBIT before significant items.

Trading to date: Fletcher Building’s New Zealand core divisions (Building Products, Concrete, and Distribution) remain on track against a solid market backdrop. Activity for residential and commercial finishing trades remains strong, supporting good performance in plasterboard, insulation and laminates. Activity for civil, infrastructure and starting trades is trending slightly lower as expected, leading to a slight easing in demand for concrete and pipes. In addition, the steel market remains highly competitive.

In the Residential and Land Development division, demand for housing in key target segments remains strong and prices remain supportive. In Construction, Higgins experienced a slower start to the year due to a wet first quarter. Based on information currently available, there is no change to the B+I provisions announced in February 2018.

In Australia, the Division’s cost-out programme is progressing to plan and there is good turnaround momentum in Laminex and Fletcher Insulation. Intense competitor activity in the declining residential market is placing ongoing pressure on price and margin in Stramit and Tradelink, while infrastructure project delays are expected to have some near-term impact on Iplex and Rocla in FY20.

FY20 Guidance: Fletcher Building expects EBIT before significant items for FY20 to be in the range of $515 million to $565 million. In FY19 EBIT before significant items (after adjusting for discontinued operations) was $549 million.

Further details are provided in the Chair and Chief Executive’s addresses and presentation. A live recording of the meeting will also be broadcast on the Company’s website

https://fletcherbuilding.com/investor-centre/reports-presentations-and-webcasts/
https://img.scoop.co.nz/media/pdfs/1911/28Nov19_ASM_documents_and_FY20_guidance.pdf

https://img.scoop.co.nz/media/pdfs/1911/28Nov19_Chairs_Address.pdf

https://img.scoop.co.nz/media/pdfs/1911/28Nov19_Chief_Executives_Address.pdf


#Ends


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

TradeMe: Property Prices In Every Region Hit New High For The Very First Time

Property prices experienced their hottest month on record in December, with record highs in every region, according to the latest Trade Me Property Price Index.\ Trade Me Property spokesperson Logan Mudge said the property market ended the year with ... More>>

Motor Industry Association: 2020 New Vehicle Registrations Suffer From Covid-19

Chief Executive David Crawford says that like some other sectors of the New Zealand economy, the new vehicle sector suffered from a case of Covid-19. Confirmed figures for December 2020 show registrations of 8,383 were 25% ... More>>

CTU 2021 Work Life Survey: COVID And Bullying Hit Workplaces Hard, Huge Support For Increased Sick Leave

New data from the CTU’s annual work life survey shows a snapshot of working people’s experiences and outlook heading out of 2020 and into the new year. Concerningly 42% of respondents cite workplace bullying as an issue in their workplace - a number ... More>>

Smelter: Tiwai Deal Gives Time For Managed Transition

Today’s deal between Meridian and Rio Tinto for the Tiwai smelter to remain open another four years provides time for a managed transition for Southland. “The deal provides welcome certainty to the Southland community by protecting jobs and incomes as the region plans for the future. The Government is committed to working on a managed transition with the local community,” Grant Robertson said. More>>

ALSO:

Real Estate: Auckland’s Rental Market Ends Year Near $600 Per Week Mark

The average weekly rent in Auckland reached a new high of $595 at the end of 2020, just shy of a long-anticipated $600 per week. More>>

University of Auckland: Pest-Free Goal Won’t Be Achieved Without New And Better Tools

New Zealand’s goal to become predator free by 2050 will remain an unrealised dream unless new technologies and advances in social engagement continue to be developed, researchers who first promoted it say. A team from the University of Auckland has ... More>>

OECD: Area Employment Rate Rose By 1.9 Percentage Points In The Third Quarter Of 2020

OECD area employment rate rose by 1.9 percentage points in the third quarter of 2020, but remained 2.5 percentage points below its pre-pandemic level The OECD area [1] employment rate – the share of the working-age population with jobs – rose ... More>>

Economy: Strong Job Ad Performance In Quarter Four

SEEK Quarterly Employment Report data shows a positive q/q performance with a 19% national growth in jobs advertised during Q4 2020, which includes October, November and December. Comparing quarter 4, 2020, with the same quarter in 2019 shows that job ad volumes are 7% lower...More>>