The picture is getting brighter for major construction company Fletchers, with its latest financial results released today.
Group revenue was down 5 per cent to $3961 million, as predicted last November at the Annual Shareholders Meeting.
That’s being put down to reduced revenue on some major ongoing construction projects and tougher market conditions in Australia. But it says its balance sheet remains strong, with improved cash flow.
The company has faced some tough financial years and further set backs when New Zealand International Convention Centre - under construction in central Auckland - caught fire in October.
It says insurance will pay for the damage caused to the convention centre after yet another set back for the building plagued with delays.
Work began in the convention centre in 2016 and it was initially scheduled to open in February 2019, months before the fire which has delayed its completion further.
Fletchers has announced a new plasterboard manufacturing plant in Tauranga, promising the $400 million project will create 100 jobs and be environmentally friendly.
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