North Island flooding pours cold water on Winton’s full-year guidance

Winton CEO Chris Meehan. (Image: Winton)

Tue, 07 Feb 2023

The severe rainfall and flooding that struck the North Island in January has forced Winton to cut back its full-year earnings guidance by roughly 20%.Winton told the market on Tuesday that it had already lost a massive 83% of its summer earthwork season and incurred water damage to pre-ordered supplies which would delay the delivery of pre-sold projects.The residential development company was also bracing itself for supply chain implications to hit the industry due to the flooding.Net profit after tax is now expected to be between $72.4 million...

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