Fletcher Building reveals mixed performance at shareholder meeting

Fletcher Building held its 2023 Annual Shareholders' Meeting and provided updates on its trading performance and future outlook.

CEO Ross Taylor stated that the New Zealand materials and distribution businesses are performing well in the infrastructure and commercial sectors, but the residential sector is softer than expected.

The Australian division is trading well despite a softer market.

The company is seeing positive signs in the New Zealand housing market, with house sales tracking well and prices stabilizing.

The Construction legacy projects are on track to be completed by 2024, but there are cost risks and claims to manage.

Trading cash flows are expected to be robust in FY24, and the company aims to remain within its target leverage range.

Fletcher Building is using an interim fund to support the Western Australian plumbing industry and homeowners affected by plumbing failures.

The company is confident in its committed growth projects and sees additional growth opportunities in the future.