Metroglass provides FY22 results (unaudited)

Metroglass, a trans-Tasman glass and glazing company, has today released unaudited financial results for the 12 months to 31 March 2022 (FY22).

Despite robust activity before and after the lockdown period, disruptions through the supply chain, elevated input costs and the New Zealand lockdown period have materially reduced profitability.

Group revenue was 2% higher year on year and EBIT before significant items fell 66% to $5.9 million.

Net debt increased from $48 million to $52.3 million as the Group invested in safety stock and capital investments.

The demand for new residential construction activity is expected to remain strong in both New Zealand and Australia, however the business will focus on gross profit improvement in the short to medium term.

The company will provide shareholders with an update on early FY23 trading performance at its Annual Shareholders’ Meeting on 9 August 2022.