Fletcher ups provisions for leaky pipes to A$15m

Fletcher CEO Ross Taylor says the company is working hard to fix the problems. (Image: NZME)

Mon, 17 Apr 2023

Fletcher Building’s earnings have sprung a nasty leak that has cost it A$15 million (NZ$16.2m) so far and could get bigger.The problem relates to leaky Pro-fit hot-and-cold-water polybutylene pipes sold in Australia by its Iplex unit between mid-2017 and mid-2022.The good news is that Iplex stopped making the product in mid-2022. The bad news is the A$2m provision Fletcher made in its first-half results has now been increased to A$15m as the company works with home builders, mostly in Perth, to repair damage caused by the pipes.So far, ou...

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