25 May 2017

Metro Performance Glass profit down slightly

11:15 am on 25 May 2017

The country's biggest glass manufacturer, Metro Performance Glass (MPG), has made a slightly lower profit after one-off costs and a tax adjustment offset higher revenue.

Metro Performance Glass - Highbrook Business Park

Metro Performance Glass - Highbrook Business Park Photo: SUPPLIED

Its profit dropped 6 percent to $19.4 million in the year to March, from $20.5m last year.

Group revenue climbed 30 percent to $244.3m, including a contribution from the recently-acquired Australian Glass Group.

Leaving aside the one-off costs, operating earnings were up nearly 20 percent as the construction boom in New Zealand, and new houses and renovations in Australia lifted sales.

Its chief executive Nigel Rigby said MPG is building a strong position on both sides of the Tasman.

"Our ability to deliver a broad range of high‐specification products to a short lead time remains a key competitive advantage, and provides a strategic defence throughout the building cycle," he said.

The company said low interest rates, strong immigration and a robust economy are fuelling momentum in residential and commercial construction.

Metro said while New Zealand remained the primary focus, Australia was a longer-term growth opportunity and growth there would underpin next year's result.