You are using an older browser version. Please use a supported version for the best MSN experience.

James Hardie expects strong FY17

AAP logoAAP 11/08/2016 Trevor Chappell

Building materials supplier James Hardie Industries says it will be chasing market share in its key North American business during the current financial year after a slow start to 2015/16 missed internal targets.

"We anticipate another year of sustained growth in fiscal year 2017 anchored by strong operational and financial results, positioning the company to continue to deliver superior growth and returns for shareholders," chairman Michael Hammes told shareholders at the company's annual general meeting in Dublin on Thursday.

Mr Hammes said the company would focus on generating greater demand for its fibre cement products over the next few quarters in a bid to lift market share to the company's targeted levels.

Mr Hammes told shareholders that fiscal 2016 had been a robust year for James Hardie's north American business, with improvement in volumes, net sales and margins.

Nonetheless, market share growth had been below targeted levels in the first half of the year.

Following the implementation of new programs, the second half had shown signs of improvement.

Mr Hammes said James Hardie's chief executive, Louis Gries, had assumed responsibility for the North American business following the departure of former manager Ryan Sullivan in July.

Meanwhile, James Hardie's remuneration report received the backing of 78.34 per cent of shareholder votes, with 21.65 per cent against it.

Also, James Hardie deputy chairman Donald McGauchie retired at the AGM and did not seek re-election.

Mr Hammes was re-elected as a director, with a vote of more than 99 per cent..

James Hardie booked a 16 per cent drop in net profit for the year ended March 31, 2016 to $US244.4 million.

James Hardie shares were 26 cents higher at $21.17 at 1502 AEST.

image beaconimage beaconimage beacon