Directors today announced record results for the year ended 30 June 2004. Net profit after tax and minority interests was $240 million, compared to $168 million in the previous year. There were no unusual items in the latest result.
Fletcher Building achieved earnings before interest, tax and unusual items of $460 million – up 39 percent on the 2003 year. The result reflected strong demand throughout the year, along with the benefits of acquisitions and ongoing productivity improvements.
The lift in earnings enabled a substantial increase in dividends – from a total 19 cents per share in the previous year to 25 cents per share. Total shareholder return was 33 percent for the 12 months.
All divisions lifted their operating earnings for the third successive year. Building Products’ earnings before interest and tax were $164 million (previously $102 million), including an excellent contribution from Tasman Building Products, which was acquired during the year. Concrete earned $94 million (previously $81 million), Construction $42 million (previously $34 million), Distribution $73 million (previously $59 million) and Laminates and Panels $95 million (previously $54 million).
The Chief Executive Officer, Mr Ralph Waters, said the results highlighted the continuing progress made by the company since it listed in March 2001. The return for shareholders since that time exceeds 135 percent.
Mr Waters said the outlook for the current year was that any softening in the New Zealand and Australian residential building markets was expected to be largely offset by stronger non-residential construction. Along with the broad spread of the company – both in activity and geography – this should ensure another good year, with earnings being maintained at around the record levels achieved this year.
Results highlights
- Operating earnings up 39 percent to $460 million.
- Group net earnings up 43 percent to $240 million.
- Total dividend for the year of 25 cents per share.
- Cashflow from operations up from $276 million to $424 million.
- Interest cover up from 7.3 times to 7.8 times.
- Basic earnings per share increased from 43.4 cents to 55.7 cents.
- Economic value added of $139 million.
Contact:
Ralph Waters
Chief Executive Officer
Phone: +64 9 525 9169
Fax: +61 9 525 9032