Fleetwood Corporation reported a reported net profit after tax of AUD 2.4 million for the 2026 fiscal year, weighed down by AUD 29.6 million in restructuring costs that pushed reported EBIT to AUD 6 million. Underlying EBIT totaled AUD 35.6 million, down marginally from the prior year, while revenue declined 6% to AUD 475 million.
Operating cash flow strengthened 33% to AUD 63.9 million, with free cash flow rising to AUD 35.9 million. The company maintained a debt-free balance sheet with AUD 61.5 million in cash, while underlying return on capital employed improved to 44.1% as capital employed fell sharply from AUD 114.7 million to AUD 8.7 million. Shareholders received AUD 21.6 million in capital returns via dividends and buybacks, including a fully franked final dividend of AUD 0.095 per share, bringing total annual dividends to AUD 0.19 per share.
Community Solutions delivered AUD 50 million in EBIT, driven by The Regal Village in Karratha, which maintained 96% occupancy and is fully booked through year-end. The segment’s Osprey unit continued supporting demand for key worker housing in Port Hedland. Building Solutions reported an AUD 8.7 million loss, reflecting lower first-half revenue, margin pressure, and AUD 2.7 million in costs tied to a legacy project. Work in hand totaled AUD 156 million, with tendered projects exceeding AUD 200 million across diverse sectors. RV Solutions generated underlying EBIT of AUD 1.7 million before divesting its Northern RV plumbing business and closing local parts manufacturing, generating AUD 14.3 million in proceeds from the Camec sale.
Fleetwood announced the closure of its Smithfield facility in New South Wales, targeting annual cost reductions of AUD 8-9 million from Q2 FY27. Closure-related cash costs are expected to reach AUD 11.9 million in Q1 FY27, partially offset by AUD 9.5 million from the Camec divestment and AUD 4 million in tax asset recoveries over the next two fiscal years. The company also agreed to acquire Red Dog Village from Bechtel for AUD 20 million, a 45-hectare facility in Karratha with over 2,000 beds and operational amenities, set to close by December and commence operations in January. Management anticipates an annualized earnings uplift of AUD 10-20 million from the acquisition.
For FY27, Community Solutions expects occupancy at The Regal Village to range between 82% and 92%, supported by contracted demand from Rio, Pertamina, and Woodside. The Karratha region faces a projected shortfall of at least 1,500 beds for transient workers over the next five years, underpinned by a pipeline of major infrastructure projects exceeding AUD 30 billion. Building Solutions is targeting at least 5% revenue growth, with first-half performance expected to be breakeven to slightly positive due to Smithfield closure costs and legacy project completions, before improving in the second half.
