Fletcher downgrades profit expectations for second time this year
Key Points
- Fletcher Building cuts its profit forecast for 2022-23 for the second time this year on weaker housing markets and wet weather.
- The NZ-based company operates a large Aust business with brands including Tradelink, Laminex, Iplex and Stramit.
- CEO Ross Fletcher says while 2023-24 will be tougher, he expects high migration levels and a housing shortage to underpin growth from 2024-25.
Fletcher Building said it expected sales volumes to slide by about 8 per cent across its business in the next financial year as sharp rises in interest rates and cost-of-living pressures crimp demand.
Fletcher, which is listed on the New Zealand and Australian exchanges, on Wednesday downgraded its profit forecast for the 12 months to June 30, the second time this year, amid a building sector slowdown and wet weather.
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