Fletcher Building's (ASX:FBU) H1 FY24 revenue slips to $4.25B, CEO cites tough market

Fletcher Building's revenue for the first half of FY24 went down 1% year-over-year to $4.25 billion.

EBIT before significant items declined 27% to $264 million, with the EBIT margin dropping to 6.2% from 8.4% in the same period last year. Net loss after tax amounted to $120 million, attributed to legacy provisions and a non-cash write-down on Tradelink.

CEO Ross Taylor cited challenging trading conditions, particularly in the New Zealand residential sector, with a 20% volume decline.

The company did not declare an interim dividend due to expected legacy cash outflows. Fletcher Building forecasts FY24 Group EBIT before significant items to be between $540 million and $640 million.