Major glass manufacturer Metro Performance Glass slumped to another hefty loss, with revenue falling and debt increasing amid challenging trading conditions.
Metro Performance Glass - Highbrook Business Park. Photo: SUPPLIED
Key numbers for the 12 months ended March compared with a year ago:
- Net loss $13.5m vs $27.5m loss
- Revenue $213.9m vs $239.3m
- Operating loss $0.6m vs $7.2m profit
- Net debt $60.5m vs $53.0m
- No dividend
The company said its board was "actively pursuing an equity raise" in a bid to deliver certainty for the troubled business.
Metroglass said the result reflected ongoing weakness in its Australian and New Zealand businesses.
The company changed its board and business leadership last year amid the challenges, including replacing the former chief executive, Simon Mander.
"While the market continues to be challenging in both Australia and New Zealand, this is an unsatisfactory result," Metroglass told the NZX.
"We have implemented a number of changes designed to meaningfully transform the business, as we signalled last year, and have reduced costs in a number of areas which will see the full benefits flow through into FY2026."
Metroglass expected the New Zealand market to stay flat in the year ending March 2026, but expected some benefits in Australia due to changes to energy efficiency rules in Victoria.
It forecast revenue to rise by about 8 percent in 2026 to $232 million, and further growth in revenue in 2027 and 2028 to $243m and $254m respectively.
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