21 Nov 2016

Metro Performance Glass' first half profit rises 5 percent

10:46 am on 21 November 2016

Metro Performance Glass' first half profit rose 5 percent, reflecting a period of stronger growth and expansion into Australia, the glass manufacturer says.

Metro Performance Glass - Highbrook Business Park

Metro Performance Glass - Highbrook Business Park, Auckland. Photo: SUPPLIED

The company's net profit rose 5 percent to $11.5 million in the six months ended in September, including one time costs of $1m associated with the purchase of Australian Glass Group in September.

The group revenue rose 23 percent to $116.3m, including New Zealand sales, which rose 18 percent to $111.7m.

Chief executive Nigel Rigby said Metro had scaled up to meet growing demand, as its forward book of commercial work at the end of September, was 60 percent ahead of last year.

"Metro Glass' commercial business grew well in [the first half of the financial year], with the company completing or commencing a number of significant projects, particularly in the North Island."

Revenue from the company's retrofit double glazing work grew by 29 percent in the period.

He said the expansion had increased production and management costs, which the company was making good progress to reduce.

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