Fletcher Building's net profit soars 42% to $432 million - Property News AU/NZ | propertynoise.co.nz & propertynoise.com.au

PHOTO: Fletcher Building (Source: 1News)

Fletcher Building‘s profit has soared 42% to $432 million, up from $305m in the last financial year.

Group revenue for the year was $8.5 billion compared to $8.1b in the 2021 financial year, a jump of 5%.

“FY22 has not been without its challenges as global and national supply chain disruptions continued into the third year of the Covid-19 pandemic,” chief executive Ross Taylor said.

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“In New Zealand, surging plasterboard orders following the first quarter lockdown outstripped our ability to supply, despite our manufacturing facilities running at record levels. In recognition of our key role as a local manufacturer in keeping the market supplied, we carried out a range of measures to address the shortage including operating production lines 24/7, running down our reserve stocks, importing additional product, and establishing an emergency supply pool.”

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A new factory will open in Tauranga next year.

Fletchers came under heavy criticism from shareholders for its response to the GIB crisis. The shortage caused major delays in the construction industry.

The company was accused of showing a “lack of humility” for its role in the crisis.