Metro Performance Glass has provided a trading update and guidance for the financial year 2024.
The company expects its group EBIT before significant items to be in the range of $7 million to $8m, lower than the $11.8m achieved in the previous year.
Net debt is projected to be around $55m, compared to $60.1m in the financial year 2023.
Metroglass attributed the softened demand for glass in the residential sector in the second half of 2023, as well as the slower restart after the Christmas holiday period, to the decrease in activity.
It also noted the increase in uptake of high value LowE glass.
In addition, the company announced the reduction of its board members from six to four, with Shawn Beck appointed as the new chairperson.
The sale process of Australian Glass Group is said to be progressing but taking longer than anticipated.
Metroglass' existing bank facilities are set to mature in October 2024, and it will be working on the potential renewal with its banking syndicate.
See more
