ASX-listed shares of Fletcher Building rise on motorway project claims settlement

Fletcher Building

20/06/2025 02:15

** ASX-listed shares of Fletcher Building FBU.AX rise as much as 3.1% to A$3, their biggest intraday pct gain since June 11

** The New Zealand-based home builder reports settlement on claims related to the Puhoi to Warkworth motorway project delays

** Settlement resolves disputes with the New Zealand Transport Agency and Northern Express Group over costs incurred due to COVID-19 impact and weather-related events, says Fletcher

** Co expects a ~NZ$16.4 million ($9.84 million) loss on claims receivable for FY25 but sees further cash proceeds of ~NZ$56 million from the project in the same period

** CEO Andrew Reding says the settlement is a "further progress in closing out the legacy project issues"

** Stock up 14.9%, YTD

   ($1 = 1.6667 New Zealand dollars)

 (Reporting by Kumar Tanishk in Bengaluru)

 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))