Construction firm Fletcher Building's full-year net profit is up 42 percent with a strong across-the-board result.
Chief executive Ross Taylor has referred to problems with Gib supply, while speaking about the company's financial results. Photo: RNZ / Dan Cook
Key numbers for the 12 months ended June compared to a year ago:
- Net profit $432m vs $ 305m
- Revenue $8.5b vs $8.12b
- Underlying profit $756m vs $668m
- Full year dividend 40 cents a share vs 30cps
"Fletcher Building delivered strong results in FY22 across all key metrics," chief executive Ross Taylor said.
"FY22 has not been without its challenges as global and national supply chain disruptions continued into the third year of the Covid-19 pandemic.
"In New Zealand, surging plasterboard orders following the first quarter lockdown outstripped our ability to supply, despite our manufacturing facilities running at record levels," he said.
A new $400 million manufacturing facility in Tauranga which was scheduled to begin operations next May would "more than meet current and future demand levels".
Taylor said the company's balance sheet and overall financial position were strong, with cash flows from operating activities of $592m.
"Our balance sheet remains robust with $1.1 billion liquidity and net debt of $670m at year end," he said.
"This positions us well as we move into the new financial year and continue to invest in the growth of the business."
The company expected profit growth to continue, but did not provide guidance.
"There continues to be a solid pipeline of committed work in our end markets, and there is unlikely to be another Covid-19 forced shutdown of our operations," Taylor said.