Page 9 - HW December 2020

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Uncertainty around Fletcher’s H2
CITING ONGOING UNCERTAINTY caused by the pandemic, Fletcher Building offered a partial outlook at its 2020 Annual Shareholders’ Meeting on 25 November.
During his address to shareholders, CEO Ross Taylor said that, despite Covid-19’s “unexpected twist”, because
the company had “dealt with its consequences quickly and firmly”, it had been able to “stay on track with our plans
to keep driving performance and growth across the entire business.”
The four months ended 31 October 2020 saw “good progress on improving the operating performance across all of our businesses”, with group revenues up slightly (+1%),
a Group EBIT of $227 million (up $80 million) and Group EBIT margin +2.9ppts to 8.4% thanks to improved operating efficiency.
In terms of an outlook for the next half year of FY2021, first half volumes are forecast to “remain very resilient and continue in line with the strong trading we have seen so far through FY21,” said the CEO.
However, he added: “The second half remains less certain but from what we can tell from our present quote activity, and order books, we expect a reasonable start”, specifically an FY2021 half year EBIT of $305-320 million (well up on the $219 million made in the first half of FY2020).
In closing Ross Taylor added: “This has been a challenging year for us, which we I feel we’ve navigated well. Even more pleasing for me, is that we are now seeing the benefits of the work we have been doing over the last two years, start to show up in our performance and results.”
www.fletcherbuilding.com
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