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Fletcher Building Podcasts

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10 of The Best Podcast Episodes for Fletcher Building. A collection of podcasts episodes with or about Fletcher Building, often where they are interviewed.

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10 of The Best Podcast Episodes for Fletcher Building. A collection of podcasts episodes with or about Fletcher Building, often where they are interviewed.

Updated daily with the latest episodes

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Ross Taylor: Fletcher Building drops annual result bombshell, flags $196m loss

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Fletcher Building will make a $196 million loss due to the effect the pandemic has taken on the business, a reversal of fortunes after last year's $164m profit.
Chief executive Ross Taylor this morning updated the market ahead of next Wednesday's full-year result to June 30, 2020.
He cited three factors which would reduce operating earings by $150m:• Half the losses are due to reduced productivities from key legacy projects "significantly disrupted" by Covid-19;• 20 per cent due to issues from "a handful of historically completed" projects;• 30 per cent due to "a prudent risk provision" across the portfolio of legacy work.
"The result, which remains subject to final audit sign-off and approval by the board, is expected to be a net earnings loss for the year ended 30 June 2020 of $196m, due predominantly to the impacts of Covid-19," the company's statement said.
"These impacts include significant lost revenues, especially during the New Zealand lockdown and start-up period, lower productivity leading to additional provisioning on the legacy construction projects and one-off restructuring costs as the company prepares for reduced market activity," it said.
Despite lower earnings, the company's cash flow performance and balance sheet position has remained very strong, it said.
"Operating cash flows are expected to increase in FY20 to $410m, driven particularly by effective working capital management through the Covid-19 disruptions. The group's leverage ratio at 30 June is expected to be 0.9x, below the target range of 1.0x–2.0," it said.
Before March, Fletcher was trading in line with expectations, Taylor said, but the pandemic had changed all that.
Earlier this year, Fletcher said that it was laying off 1000 people in New Zealand and about 500 in Australia.
Today, Taylor said the construction division was working through its legacy, loss-making projects.
"The value of legacy buildings and infrastructure work to complete has been reduced from approximately $2.2b in February 2018 to approximately $0.6b currently. The division's forward order book outside of the legacy projects has been rebuilt to comprise around $2.4b of work with a materially better margin outlook, and significantly lower and more appropriate risk profile," Taylor said.
Fletcher had decided to increase its provisions for construction division losses, cutting FY20 EBIT by $150m, he announced.
Aug 11 2020 · 4mins
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Union leader takes aim at widening pay gap at Fletcher Building

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A Union leader is taking aim at a widening pay gap between workers and senior leaders at Fletcher Building.

The union believes Fletcher's CEO Ross Taylor earned $5.3 million last year - yet its steel workers get less than $43 thousand.

E tū negotiator Joe Gallagher told Chris Lynch the company values its shareholders more than the people who make them their money.

He says this was shown when they announced 1000 job cuts. 

Listen above.
Jul 02 2020 · 8mins
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Ross Taylor: Fletcher Building cuts 1,500 jobs

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Fletcher Building says 1,500 job losses across New Zealand and Australia will be felt across all divisions as the company responds to the economic downturn caused by covid-19.
Chief executive Ross Taylor would not give guidance as to the cost of the restructuring and could not signal which units were more affected in today's media briefing.
"It's every part of the business, I'm not being evasive…the whole organisation will shrink - its proposals up and down the organisation," he said as journalists questioned which workers would lose their jobs.
Consultation has begun this week with Fletcher's employees, with 1,000 jobs to go in New Zealand and 500 in Australia.
While domestically the construction firm initially took more than $60 million in government wage subsidies, it would not take further handouts after the 12-week period which expires June 26.
The next round of government subsidies requires a 50 per cent revenue decrease to qualify, from 30 per cent previously but Taylor said Fletcher would not take it.
"We are a strong independent company and its not sustainable for everyone to be dependent on government for the long term. We didn't qualify and we didn't ask for it, and it's important to be independent."
Taylor and Fletcher's board has also taken a 30 per cent pay cut until September.
The company is also looking at its non-people costs including exiting unprofitable product lines, moving more employees into its Penrose headquarters, reducing professional services costs and it will look at reducing supply chain costs as well.
Shares in the company were down by 2.7 per cent after opening at $3.40 and have lost 35 per cent this year.
Outlook
Taylor said since restrictions loosened, Fletcher's New Zealand business was trading at about 80 per cent of forecasted revenue in May, while Australia was trading at 90 per cent.
The chief executive said he was trying to make the best sense he could out of economic forecasts as the depth and duration of covid-19's impact was unclear.
Fletcher expects a market downturn of 20 per cent in New Zealand and 15 per cent in Australia.
Its group revenue is 50 per cent exposed to residential construction in both New Zealand and Australia. Locally, it predicts a market downturn of 20 per cent overall, due to a forecast 30 per cent decline in residential consents in the 2021 financial year, from 36,000 to 25,000.
In its commercial business it forecasts a decline of 15 per cent for FY21.
Covid-19 had also meant social distancing on construction sites had reduced productivity – for example Taylor said at Commercial Bay there had been 1,800 subbies but that had halved since work recommenced on the Precinct Properties' Auckland site.
One of the major commercial projects to be delayed is Auckland International Airport's domestic jet hub, which Taylor just said reflected the economic impact of covid-19.
Fletcher's infrastructure business is estimated to decline by 10 per cent in FY21 then grow steadily. Taylor said that government spending on infrastructure was welcomed but the firm's greater exposure to the residential market had driven its broader thinking.
Fletcher's manufacturing and distributions business are expected to record positive EBIT before significant items across May and June, but at lower levels than normal.
Balance sheet
The company said its net debt was $650 million at the end of April, with its leverage ration at 0.8 times of operating earnings, which is below the bottom end of its target range.
The company had cash on hand at $970 million and undrawn credit of $525 million.
Fletcher said it has reduced its capex by about $60 million, which means total expenditure for the 2020 financial year is now expected to be $240 million compared to a pre-covid-19 expectation of about $300 million.
Core capex in the 2021 financial year will range from $125 million to $150 million, focused mostly on safety and maintenance.
It would continue its commitment to a new Winstone Wallboards plan...
May 20 2020 · 6mins
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Jared Abbott: Fletcher Building criticised for cutting staff pay up to 70 percent

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Fletcher Building is being urged by the construction workers' union to reconsider drastic pay cuts.
The company has sent a letter to employees outlining its intentions to cut pay by up to 70 percent for some workers, while top executives take just a 15 percent cut.
Fletcher has 10,000 employees here and a further 5000 in Australia.
First Union spokesperson Jared Abbott joined Kate Hawksby to share his thoughts on the issue.
LISTEN ABOVE
Apr 03 2020 · 2mins
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73, Fletcher Building, Spark, Ebos, Auckland Airport and Charlie Munger at the Daily Journal

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If you want to find out more information about the podcast go to www.stockmarketmovers.co.nz, make sure that you also check out the blog posts. Disclaimer: As always, nothing that is discussed in the podcast is financial advice. If you are looking for financial advice please contact an authorised financial adviser.

Feb 21 2020 · 13mins
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Episode 46, King Salmon, Greencross Health, Fletcher Building, Mainfreight and TIL Logistics

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There was a lot of NZX news over the week.  It seemed that there were a lot of companies that either had updates, guidance or came out with their annual report.  In this weeks episode we look at the updated guidance from New Zealand King Salmon (NZK), the annual report from Greencross Health, the Fletcher Building buyback and we dig into two of New Zealand's publicly traded trucking and logistics companies.

Remember also to check out the website for new blog posts from the week.

Disclaimer: As always, nothing that is discussed in the podcast is financial advice. If you are looking for financial advice please contact an authorised financial adviser.

Jun 27 2019 · 19mins
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Brian Gaynor on the Fletcher Building trading halt

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Chris Lynch spoke to Brian Gaynor, Head of Investment at Milford Asset Management Limited following the announcement of Fletcher Building being in trading halt on NZX and ASX.
Feb 07 2018 · 6mins
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Brian Gaynor on the Fletcher Building trading halt

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Chris Lynch spoke to Brian Gaynor, Head of Investment at Milford Asset Management Limited following the announcement of Fletcher Building being in trading halt on NZX and ASX.
Feb 07 2018 · 6mins
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Fletcher Building dividend under threat, investors want full disclosure

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Fletcher investors want full disclosure, says financial advisor Jeremy Sullivan.

Read more ($): https://www.nbr.co.nz/article/fletcher-building-dividend-under-threat-investors-want-full-disclosure-db-p-205553
Jul 21 2017 · 3mins
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5: Inspiring Leader Kate Daly – Chief People & Communications Officer, Fletcher Building

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This podcast features Kate Daly, Chief People and Communications Officer, Human Resources at Fletcher Building. Listen to how she has mastered the art of balancing multiple board positions, an esteemed global career in Human Resources and Communication, and being a mum to three kids.

“As you become older your emotional intelligence grows a lot and it becomes less and less about you, and more and more about the people around you… If you have five or six people in you team who all have very diverse points… essentially what you deliver is a far superior outcome to the business and ultimately to yourself. I always look for people that are better than me and have become comfortable in hiring people that are technically stronger than me.” – Kate Daly

This podcast explores Kate’s results driven behaviour, strong commercial mind-set and truly understanding a business and creating strategies that are sustainable.

Enjoy hearing from an Inspiring Mum – Happy Mother’s Day 2017!

Shaun McCambridge – Inspirational Leaders Podcast

Shaun McCambridge is the Managing Director of Stellar Recruitment, a devoted husband and father to four spritely children. Shaun created the Inspirational Leaders series to inspire emerging leaders and to shine a light on what it takes to be an inspirational leader.
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May 14 2017 · 36mins