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BRIEF-Fletcher Building Announces Share Buyback Of Up To NZ$300 Mln

Published 26/06/2019, 06:39 am
© Reuters.  BRIEF-Fletcher Building Announces Share Buyback Of Up To NZ$300 Mln
FBU
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June 26 (Reuters) - Fletcher Building Ltd FBU.NZ :

* CONSIDERS INCREMENTAL CAPITAL IS AVAILABLE TO BE DISTRIBUTED TO SHAREHOLDERS THROUGH AN ON-MARKET SHARE BUYBACK OF UP TO NZ$300M

* BUYBACK IS EXPECTED TO COMMENCE FOLLOWING THE FY19 RESULTS RELEASE

* SEES FY19 EBIT (BEFORE SIGNIFICANT ITEMS) OF NZ$620M - NZ$650M

* TARGETS TO ACHIEVE MODEST PROFIT GROWTH IN FY20 IN AUSTRALIA DESPITE ONGOING EXPECTED CONTRACTION IN RESIDENTIAL MARKET

* CONTINUES TO TARGET 7% EBIT MARGIN IN MEDIUM TERM

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