28 Aug 2013

Loss cut by Tenon

9:40 pm on 28 August 2013

Tenon cut its annual bottom-line loss by two-thirds, thanks to the recovery housing market in the United States.

The wood building products company said its net loss for the 12 months to the end of June narrowed to $US3 million from the previous year's $US9 million.

The company reports in US dollars because more than 90% of its sales are in the United States.

The operating result turned to a profit of $US5 million, at the top of the company's guidance, from the previous year's $US3 million.

Chief operating officer Tony Johnston said the US housing market is still only in the early stages of its recovery.

US housing starts rose 25% in the year, but Mr Johnston said they are still less than half their level in the mid-2000s and the home renovation market is only just showing signs of life.