Metro Performance Glass FY24 Results Overview

Metro Performance Glass Limited (ASX: $MPP) has reported its financial results for the 12 months ended 31 March 2024. The company's FY24 revenue amounted to $239.3 million with a net loss after tax (NPAT) of $(27.5) million. The Earnings Before Interest, Tax, Depreciation, and significant items (EBITDA) stood at $12.3 million, down from $18.2 million in FY23. The company also experienced a significant impairment of $(20.9) million related to NZ goodwill write down. Furthermore, the board is considering capital raising and other alternatives to reduce the company's net debt, which decreased by $7 million to $53 million during the year.

Executive Commentary on FY24 Performance

The poor performance in FY24 is not a reflection of the quality of our underlying business or the opportunities to address our performance in NZ. The board has taken measures to address this performance and restore shareholder value. We are committed to building a new strategy, empowering our people, and actively managing our debt and capital requirements. With the right capital structure, we see opportunities for further targeted investment in NZ and accelerated growth in Australia. We continue to explore options to reduce debt and intend to formalize the capital raise offer or alternative options in the coming weeks.

Summary of FY24 Results and Outlook

Metro Performance Glass faced a challenging FY24, with weaker performance in New Zealand offset by improved results in Australia. The company experienced a significant impairment related to NZ goodwill write down and is considering capital raising and debt reduction to address its financial position. The board is committed to developing a new strategy to transform the business and reset its performance, particularly in NZ. Despite the tough market conditions, the company sees opportunities for targeted investment in NZ and accelerated growth in Australia. The company aims to navigate the current environment and lead the recovery of its financial performance, positioning itself for future market improvements.