Fletcher cancels dividend, suspends buyback, withdraws guidance

By Jenny Ruth | Wed, 25 Mar 2020


Fletcher Building is withdrawing its annual profit guidance, cancelling its first-half dividend and suspending its share buyback programme to focus on preserving liquidity through the coronavirus crisis. The company has also paused the process of selling its Rocla business. Fletcher had been scheduled to pay an 11 cents per share dividend on April 9 and it began a $300 million share buyback programme on Sept. 9 last year. At Dec. 31, the company had bought 27.9 million shares, 3.3 percent of those on issue, for $141 million. It has since...