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.
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