Metro Performance Glass Limited Analysis

Overview

Metro Performance Glass Limited produces a range of customised glass products that are predominantly used in residential and non-residential construction applications such as windows, doors, internal partitions, balustrades, facades, showers, mirrors, furniture and splashbacks.

Metroglass is the New Zealand market leader in the value added glass processing market with a circa. 50% market share and is twice the size of its nearest competitor by market share. Metro Performance Glass market leadership is supported by a number of competitive advantages that have been developed over more than 30 years, including its high customer service standards, manufacturing capability and scale, distribution footprint, product offering and glazing capability.

Metroglass also operates in Australia through Australian Glass Group, which has glass processing operations in Victoria, New South Wales and Tasmania.

MPG listed on the NZX Main Board on 30 July 2014.

Performance

The following information was extracted from Metro Performance Glass's Full year results, released 27 May 2025

Metro Performance Glass Limited – Audited financial results for the 12 months ended 31 March 2025

Market weakness impacts both Australia Glass Group (AGG) in Australia and New Zealand business. As previously signalled, we did not expect the improvements in operating performance and cost out initiatives to flow through to improve financial performance in FY25.

The Board was refreshed and trimmed in March 2024 and business leadership replaced in May 2024. Improved customer experience and business efficiency have been achieved, such that the business is stabilised and well positioned for continually improving performance.

-FY25 revenue of $213.9 million and NPAT of $(13.5) million

-EBITDA (pre-IFRS 16) of $5.6 million, down from $12.3 million in FY24

-EBIT of $(0.6) million (Earnings before interest, tax and significant items – restructuring costs and impairments)

-Net debt at $60.5 million

The business has achieved EBITDA before significant items of $16.9 million which was within the guidance range of $16 million to $18 million previously announced. This equates to EBITDA pre-IFRS 16 and significant items of $5.6 million as compared to the guidance range of $3 million to $5 million.