Tony Candy
PO Box 58-144, Botany, Auckland 2163

Metro Performance Glass Limited Analysis


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.


The following information was extracted from Metro Performance Glass's full year results, released 29 May 2024:

Stronger performance by Australian Glass Group (AGG) in Australia offset by weakness in the New Zealand business.

  • FY24 revenue of $239.3 million and NPAT of $(27.5) million
  • EBITDA (pre IFRS) of $12.3 million, down from $18.2 million in FY23
  • EBIT of $7.2 million (Earnings before interest, tax and significant items – restructuring costs and impairments)
  • Significant items of $(4.6) million relating to restructuring costs and the marketing of AGG
  • Net debt reduced by $7 million to $53 million
  • Company looking at capital raising and other alternatives to reduce debt
  • Impairment of $(20.9) million relating to NZ goodwill write down

Excluding significant items AGG delivered $6.8 million EBIT for FY24 on a 3.8% increase in revenue to $79.7 million, which included the deduction of a $600,000 management fee paid to NZ. The NZ business revenue reduced by 14.6% to $159.6 million and resulted in an EBIT of $1.3 million.

Group debt reduced by $7.0 million to $53.0 million during the year. The board has also reviewed the carrying value of goodwill in the NZ business and has reduced this from $20.9 million to $0. This followed a write-down last year of $10.0 million.

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