Metroglass, a New Zealand and Australian glass products provider, reported their financial results for the 6 months to 30 September 2022 (1H23), achieving a significant profitability improvement in Australia and a 14% year-on-year improvement in New Zealand revenue.
Group Revenue for the period was 18% higher than the prior comparable period, with EBIT before significant items rising 78% to $5.6 million.
Statutory net profit after tax was flat at $0.6 million ($0.4 million in 1H23).
The company has since implemented a series of initiatives to ensure capacity and resources are appropriate to service demand as the cycle changes, including the consolidation of their manufacturing footprint and the cessation of operations in the Bay of Plenty by the end of December 2022.
Metroglass concluded an extension of their current syndicated banking facilities out to the end of October 2024.
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