Metro Performance Glass Ltd (AU:MPP) has released an update.
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Metro Performance Glass has announced a softer demand in the residential glass sector, leading to factory and branch closures, and a 10% reduction in New Zealand headcount. While the Australian Glass Group (AGG) maintains satisfactory performance, the overall financial outlook is cautious with an expected flat glass demand in New Zealand and only modest growth in Australia due to double-glazing in new residential buildings. The company forecasts a Group EBIT of $7.0 to $8.0 million for FY24, down from $11.8 million the previous year, with net debt expected to decrease slightly to around $55 million.
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