Fleetwood makes this announcement to update shareholders on recent changes to market conditions, and the ongoing processes to ensure shareholder value is restored and enhanced.
Fleetwood currently expects the second half of FY18 underlying EBIT to be in the order of approximately $1.5 million, bringing full year underlying EBIT for FY18 to approximately $5.5 million. This expected result compares to earlier outlook expectations of an underlying full year EBIT result marginally ahead of FY17 ($14.6 million).
The expected result is driven primarily by ongoing losses in Caravan Manufacturing (RV) and smaller secondary effect in Modular Accommodation related to timing of capital spend in the education sector and lower volume from the affordable retirement sector.
Excluding an expected loss in the RV division detailed below, results from the other divisions for the full year are expected to show an underlying EBIT of $18.5 million (compared to $21.3 million for FY17).
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