Fletcher Building’s Ross Taylor steps aside as Nick Traber assumes acting CEO role
Fletcher Building undergoes leadership shift as Ross Taylor steps down, replaced by Nick Traber in interim role, amidst ongoing CEO search.
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We are a significant employer, manufacturer, home builder, and partner on major construction and infrastructure projects.
Our roots go back to 1909, when James Fletcher built his first house with Albert Morris in Dunedin, New Zealand.
From those humble beginnings, we today employ over 16,000 people in New Zealand, Australia, and the South Pacific.
In New Zealand, we employ some 10,000 people across almost every region of the country and make a significant contribution to both the national economy and many regional economies.
In Australia, we have significant operations in the manufacture and distribution of building products, employing over 5,000 people across the country, and some 800 people working on construction in the South Pacific.
We are in the business of building.
We manufacture building products; from insulation that keeps homes warm and dry, to cement, the foundation of built structures the world over. We operate retail businesses that distribute these products and many more to tradespeople right across the Tasman.
We also build homes, buildings, and infrastructure that create communities, improve productivity, and contribute to the quality of life for people living and working in cities and regions across our markets.
Fletcher Building is dual listed on the NZX and ASX and operates through six divisions – Building Products, Distribution, Concrete, Residential and Development, Construction, and Australia.
We are a major investor in local manufacturing in New Zealand and today, we are the only local fully integrated manufacturer of cement left in the country, through our Golden Bay Cement business.
Fletcher Building undergoes leadership shift as Ross Taylor steps down, replaced by Nick Traber in interim role, amidst ongoing CEO search.
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Fletcher Building (ASX:FBU) shares dropped another 7% on Wednesday after hours of confusion about whether it should trade during a market briefing.
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Shareholders in Fletcher Building (ASX:FBU) are set to receive reduced final and full-year dividends following a significant drop in earnings for the year ending on June 30.
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21 Jun 2023 - Trans Tasman building products giant, Fletcher Building has trimmed its 2022-23 earnings outlook 9 days before it rules off its books for the financial year and given a big hint that the new financial year will be tough.
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A couple of ASX news bites to start off the week, with transporter Lindsay Australia ticking its forecasts up nicely and Fletcher Building forced to top up provisions for a defective product.
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UBS raises its target price for Fletcher Building to NZ$8 from NZ$7.85 and increases its rating to Buy from Neutral.
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UBS retains a Neutral rating which is under review. Target is raised to NZ$7.65 from NZ$6.55.
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Credit Suisse resumes coverage with an Outperform rating and $7.20 target.
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UBS observes Fletcher Building's share price is now sitting in line with pre-covid-19 levels, post some significant earnings upgrades with construction activity in New Zealand noting a rebound post-lockdown along with cost-saving initiatives by the company.
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For the 4 months ended October, operating income is up 55% versus last year led by revenue growth and margin expansion. Resilient activity levels in both New Zealand and Australia have helped the case, remarks UBS.
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