Fleetwood Corporation reported a 44.1% return on capital employed for fiscal 2026, up from 32.9% a year earlier, as a portfolio reset and asset sales offset a 6% decline in revenue to $475.0 million.
Underlying earnings before interest and tax fell 6% year-over-year to $35.6 million, while reported EBIT stood at $6.0 million. Free cash flow increased 33% to $35.9 million, supported by a 33% rise in cash and zero net debt at year-end. The company held $61.5 million in cash and maintained $75.0 million in bank guarantee facilities. Shares rose 5.31% to $2.58 following the results, trading near the midpoint of a 52-week range between $1.325 and $3.26.
The portfolio simplification included the closure of the Smithfield, New South Wales RV manufacturing plant, which incurred $29.6 million in restructuring costs, including $15.4 million for the factory shutdown. Fleetwood also sold Northern RV for $4.8 million in February and announced the disposal of Camec for $9.5 million in July, generating total cash inflows of $18.3 million from RV divestments. A $4.2 million share buyback, covering 2.5 million shares, and a final dividend of 9.5 cents per share brought total shareholder returns to $21.6 million, fully franked.
Community Solutions delivered a 28% rise in EBIT to $50.0 million on 22% revenue growth to $93.8 million. Occupancy at Searipple Village reached 96%, up from 84% in fiscal 2025, though guidance for fiscal 2027 projects 82%–92% occupancy. The segment invested $4.5 million in guest facility upgrades and agreed to acquire Red Dog Village in Karratha for $20 million, a 2,169-room transient worker accommodation facility expected to contribute $10–$20 million in annual EBIT once fully operational. The Karratha market faces a shortfall of at least 1,500 transient worker rooms despite the new capacity.
Building Solutions reported an underlying EBIT loss of $8.7 million, compared with a $11.0 million profit in fiscal 2025, as revenue declined 9% to $323.5 million. The order book strengthened to $156 million as of June 2026, up $56 million year-over-year, with a tender pipeline exceeding $200 million. Recurring revenue accounted for approximately 65% of total revenue via panel agreements. Management expects revenue growth to exceed 5% in fiscal 2027, with the first half of the year likely to be breakeven to slightly positive. Cost savings from the Smithfield closure are projected at $8–$9 million annually starting in the second quarter of fiscal 2027.
RV Solutions recorded an underlying EBIT of $1.7 million in fiscal 2026, improving from a $2.6 million loss in the prior year. The division operates six manufacturing facilities across Western Australia, Queensland, South Australia, and Victoria, covering 221,775 square meters of production capacity.
CFO Cate Chandler noted that the board aimed to avoid "punishing shareholders" for strategic decisions taken to strengthen the business. CEO Andrea Pidcock described fiscal 2026 as "a year of decisive action" that positioned the company for long-term earnings growth.
