23/11/2012 - 15:35

Fleetwood warns of profit drop in soft market

23/11/2012 - 15:35


Save articles for future reference.
Fleetwood warns of profit drop in soft market

Transportable housing manufacturer Fleetwood Corporation has warned of a weaker result in financial year 2013, the result of soft trading conditions in all of its key markets.

Chairman Michael Hardy told investors at the company’s annual meeting today that the uncertain conditions, coupled with costs associated with restructuring efforts, would produce a “significantly weaker” result for the first half of the financial year.

“However, most businesses in the group are now experiencing improved trading conditions, and coupled with the benefits of the restructuring, and the growth from the two major new accommodation projects, Gladstone and Osprey, there is a positive outlook for Fleetwood,” Mr Hardy said in his address.

Fleetwood reported a record net profit for the 2012 financial year, shrugging off a 13 per cent drop in revenue to rake in $53 million.

The company said in September that it would move its Windsor caravan manufacturing facilities from Victoria to Western Australia to remove duplication over production and overhead costs.

At close of trade today, Fleetwood shares were down 2.2 per cent, trading at $9.41. 


Subscription Options