Fletcher Building further losses and CEO to depart

Company News

by Jessica Amir

Fletcher Building (ASX:FBU) has announced further losses and the departure of CEO and managing director, Mark Adamson.

The manufacturer and distributor of world-leading building and construction products and services says, it’s very disappointed to see further losses in its Building and Interiors business in FY17, particularly as the majority of the business performed well in the year.

It also announced a likely impairment of $220 million.

Meantime its EBIT is expected to be about $525 million for the year ending 30 June 2017 (down from the previous guidance of $610 to $650 million)

Fletcher Building appointed an interim CEO, Francisco Irazusta with effect from Monday 24 July 2017.

Shares in Fletcher Building (ASX:FBU) last traded 0.13 per cent higher yesterday to $7.48.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.