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Credit crunch behind downgrade: Fletcher

Nov 21, 2018 - Australian Financial Review

The chief executive of building products group Fletcher Building has blamed a credit crunch from banks tightening their lending and sky-high housing prices for a faster than expected contraction in the Australian residential housing market, which has prompted a downgrade in its full-year profit expectations.

Fletcher boss Ross Taylor, who took the helm of the company a year ago, said Stramit steel products, Laminex and Tradelink bathroom products had all been feeling the pinch from a sharp...