Metroglass cites weak NZ market for decline in revenue

Glass supplier Metro Performance Glass has reported its financial results for the six months to 30 September 2023.

The company's group revenue for the period was $130.2 million, a 6% decrease from the prior year, with New Zealand revenue down 13% and Australia revenue up 13%.

Group earnings before interest and tax (EBIT) before significant items rose 33% to $7.5 million, in line with guidance.

However, a $9.1 million impairment to intangible assets led to a statutory net loss after tax of $9.2 million.

Metroglass' net debt at the end of the period was $52.8 million, in line with guidance.

The company cited softness in the New Zealand residential construction sector as the cause of the decline in revenue in that market.

Despite the challenges, Metroglass remains focused on operational efficiency and resizing itself to meet the changing market demand.

The sale process for its Australian Glass Group subsidiary is said to be advancing, with an announcement expected in the near future.