Fletcher Building undertakes $300m share buy back, lifts profit guidance

A Stuff article.

Fletcher Building is undertaking a $300 million share buy back as a way to distribute funds to shareholders.

The New Zealand Stock Exchange-listed construction giant has also increased its 2021 full year profit guidance to $650m to $665m, the top end of its previous guidance range. It was previously $610m to 660m.

Fletcher Building has in the past been criticised for taking $68m in Covid-19 wage subsidies, cutting workers’ pay by up to 50 per cent, and laying off 1000 people in New Zealand.

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