Mitre 10 plunges into red on $42m cloud spending

CEO Andrea Scown says the firm is investing in 'digital expansion'. (Image: Mitre 10)

Thu, 10 Nov 2022

Hardware and building materials supplier Mitre 10 has plunged to a $20.2 million loss for the 12 months to June 2022 as it ramps up spending on IT and systems upgrades across the 84 stores in its co-operative and its support centre.The performance comes on the back of a 17.6% improvement in revenues to $307.4m, but belies a super-heated construction sector and significant inflation in the price of materials for residential building products during the trading period.That saw Fletcher Building-owned Placemakers and plumbing supplies group Mico b...

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