FBU announces expected HY23 Results, FY23 guidance

Fletcher Building has announced their expected results for their first half of FY23 and updated earnings guidance for the full-year FY23.

Revenue increased by 5% from HY22 to $4,284 million, with EBIT before significant items up 8% to $360 million and EBIT margin of 8.4%.

The Group saw net profit after tax of $92 million (including $150 million flagged construction provisions), 46% lower than HY22.

Cash outflows were driven largely by flagged land and housing stock rebuild following drawdown in FY21-22.

FY23 EBIT before significant items is forecast to be between $800 million to $855 million as a result of adverse weather impacts in New Zealand.

The Board expects to declare an interim dividend which will be announced on 15 February 2023.