Fleetwood barely breaks even
A slump in its resources accommodation and recreational vehicles business has seen Fleetwood suffer a 97 per cent fall in profit.
The company reported a $566,000 annual profit from continuing operations. Net profit was down 99 per cent to $76,000.
The result included a $5 million impairment charge for the caravan manufacturing business.
The result came despite revenue rising 10 per cent to 366 million.
Its share price dropped in response, down 17 cents, 0r 7 per cent, to $2.25 at 11.01am.
Fleetwood said a big increase in demand in education construction had partially offset the poor performance of the other divisions.
It said restructuring in the recreational vehicles was starting to contribute to operational efficiencies and financial benefits.
"Notwithstanding soft trading conditions in the RV market, the consolidation of caravan manufacturing activities undertaken last year resulted in improved revenue in 2014," Fleetwood said.
The company will pay a final dividend of 2 cents a share.
