Metroglass provides FY23 results (unaudited)

Metroglass, a glass and glazing company listed on the NZX and ASX, has reported unaudited financial results for the 12 months to 31 March 2023 (FY23).

Group Revenue for the year was 12% higher than the prior year, with New Zealand up 5% and Australia up 32%.

Group EBIT before significant items rose 100% to $11.8 million.

Statutory NPAT declined to $(10.5) million loss from $(0.5) million in FY22, driven by a $10.0 million impairment of intangible assets due to the softer outlook for NZ construction.

Net debt increased from $52.3 million to $60.1 million at 31 March 2023, however this was significantly below the $64 million guidance in February 2023.

Metroglass has begun to reduce working capital commitments and is targeting a leverage ratio of 1.0x net debt to EBITDA.

The company will provide shareholders with an update on early FY24 trading performance at its Annual Shareholders’ Meeting.