AI assistant
FLETCHER BUILDING LIMITED — Capital/Financing Update 2020
Mar 24, 2020
64902_rns_2020-03-24_93ce3157-7286-49da-96c9-c10e1731dcee.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [508 x 95] intentionally omitted <==
Fletcher Building update on COVID-19 - cancels interim dividend and suspends share buyback
Auckland, 25 March 2020: Fletcher Building today provided an update on measures it is taking to respond to the COVID-19 virus.
Fletcher Building Chief Executive Ross Taylor said: “Health and safety is our first priority and over the past two months we have put in place measures to protect the well-being of our people. We have also taken a wide range of actions to ensure the continuity of our operations so that we can provide the best possible service to our customers. To this point, we have had a strong response from both our local and international suppliers, and there has been no material disruption to our manufacturing, distribution, residential and construction operations. Since the FY20 Half Year Results announcement in mid-February, our businesses have continued to trade largely in line with expectations.
“However, it is now clear that COVID-19 and the significant escalation of government protection measures in New Zealand and Australia will have a material impact on our operations and our FY20 financial results. For this reason, the Board has decided to withdraw Fletcher Building’s FY20 EBIT guidance.”
The Board is focused on preserving liquidity through what is likely to be a challenging trading period for an unknown duration. In addition to a range of other cash protection measures to be taken across all the Group’s businesses, the Board has decided to cancel the FY20 interim dividend which was due to have been paid on 9 April 2020, and to suspend the on-market share buyback programme. The Company will also pause the divestment process for the Rocla business that was announced at the Group’s Half Year Results in February.
#Ends
Authorised by: Andrew Clarke Company Secretary
For further information please contact:
MEDIA INVESTORS AND ANALYSTS Christian May Aleida White General Manager – Corporate Affairs Head of Investor Relations +64 21 305 398 +64 21 155 8837 [email protected] [email protected]
Fletcher Building Limited, Private Bag 92114, Auckland 1142, 810 Great South Road, Penrose, Auckland 1061, New Zealand