Page 1

METRO PERFORMANCE GLASS NZX , ASX and Media Release $ m Metroglass announces its FY22 interim results Summary of the unaudited results for the six months ended 30 September 2021 ( 1H22 ) 1 22 November 2021 New Zealand Australia Group 1H22 1H21 1H22 1H21 1H22 1H21 Revenue 87.9 89.2 29.0 27.8 116.9 117.0 Segmental EBIT² Group EBIT 4.1 12.8 ( 0.7 ) 0.4 3.0 12.8 NPAT 0.4 7.6 • • • . Consistent with our market guidance in September 2021 , the Group has achieved an EBIT of $ 3.0m ( -76 % ) on a revenue of $ 116.9m ( 0 % ) , and NPAT of $ 0.4m ( -94 % ) One - off Covid - 19 restrictions and ongoing global shipping disruption impacted profitability in New Zealand . Ongoing supply chain disruption and emerging inflationary pressures are expected to continue however they will continue to be addressed through pricing strategies . Retrofit achieved another year of growth as the business continues to focus on diversification of products and customers • Steady double - glazing sales growth in Australia was supported by solid operational performance however prolonged and dynamic Covid - 19 restrictions impacted profitability Net debt reduced to $ 47.8m , down $ 3.2m from 12 months ago Metro Performance Glass ( NZX.MPG , ASX.MPP , Metroglass ) today released interim results for the 2022 financial year , achieving revenue growth in Australia in a difficult market and a continued focus to diversity product and customer mix in New Zealand . As announced in September 2021 , profitability has been significantly impacted by extensive Covid - 19 restrictions and international supply chain costs in the half . As a result , the board took the prudent decision to not consider a dividend alongside the 2022 interim results . Group revenue for the six months to 30 September 2021 ( 1H22 ) of $ 116.9m was in line with the prior year . New Zealand revenue declined 1 % to $ 87.9m as Covid - 19 restrictions impeded trading at the end of the half . In contrast , Australian revenue rose 4 % to $ 29.0m . Group EBIT ( before significant items ) for the half year was $ 3.0m , down from $ 12.8m in 1H21 and net profit after tax ( NPAT ) in 1H22 was $ 0.4m , down from $ 7.6m in 1H21 . New Zealand performance During the initial four months the business achieved solid sales demand and a strong future order book . Efforts to diversify the product and customer mix delivered results , however this was overshadowed by Covid - 19 lockdowns and ongoing supply chain disruptions . In the first half of the year , New Zealand revenue declined 1 % to $ 87.9m , with the residential and commercial segments impacted by Alert Level 4 lockdown in a typically busy period . Retrofit maintained its momentum despite Covid - 19 restrictions , growing sales by 17 % as customers continued to upgrade their properties . New Zealand EBIT was 70 % lower than last year at $ 4.1 million , principally driven by the Covid - 19 lockdown and the global supply chain imbalances that introduced a rapid spike in input costs . The lower wage subsidy compared with the prior comparable period was not sufficient to offset the impact of August and September 2021 lockdown , which were of a similar scale to April 2020 in terms of business impact . 1 All prior period comparisons are to the half year ended 30 September 2020 ( 1H21 ) unless otherwise stated .