Fletcher Building chief executive Andrew Reding. Photo: Supplied
Fletcher Building has reported another full year loss, with a number of large one-time costs as well as a drop in revenue.
Chief executive Officer Andrew Reding said the year just ended had been one of the most demanding in recent memory, with tough market conditions as well as costly measures to address legacy issues.
Key numbers for the 12 months ended June compared with a year ago:
- Net loss $419m vs $227m
- Revenue $7.0b vs $7.683b
- Underlying profit $384m vs $509m
- Net debt $999m vs $1.77b
- Full year dividend nil vs nil
Reding said the outlook was more positive with a strategy to focus on manufacturing and distribution of building products.
"While the near-term environment remains uncertain, our focus on cost control, operational discipline, effective capital allocation and portfolio simplification is positioning Fletcher Building well to both navigate current headwinds and deliver stronger, more sustainable returns over the medium to long term."
He said the company was still considering the sale of its construction division assets, while the future of the residential and development business was also being reviewed.
Reding said "solid progress" had also been made to addressing longstanding legacy issues.
"In June 2025, we reached a settlement with the New Zealand Transport Agency on the Puhoi to Warkworth motorway project and have recently settled our insurance claims in respect of the weather and landslips that affected the project.
"Final finishing and commissioning work on the New Zealand International Convention Centre (NZICC) remains on track for handover in 2025, ahead of its planned opening in early 2026.
"In Australia, the Industry Response for the Western Australian plumbing issues was signed, with a provision of $170 million recognised in the first half of the year, and the remediation work of the participating builders is starting to build momentum."
The company did not offer guidance for the current year.
Reding said New Zealand's market volumes were expected to remain low with subdued demand through the current financial year.
"Indicators are mixed in Australia, and it is too early to determine when recent signals might translate into greater activity and volumes."
Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
