Fleetwood Limitée has launched an operational reset involving the planned divestment of its recreational vehicles business and the closure of its Building Solutions manufacturing facility in Smithfield, New South Wales.
The restructure follows a strategic review designed to simplify the group’s operating model while sharpening its focus on modular building and accommodation operations.
D'après un article de en minuscule, the company expects underlying earnings before interest and taxes, excluding restructuring costs, for fiscal year 2026 to align with consensus at between $35 million and $39 million.
Fleetwood does not expect the Building Solutions division to return to profitability in the second half of fiscal year 2026 due to a lower win rate and revenue in New South Wales, alongside several projects delivered below forecast gross margins.
Second-half net profit after tax will be affected by total restructuring costs of between $20 million and $24 million across the RV Solutions exit and Smithfield closure.
Due to these charges, Fleetwood expects the earnings impact to result in no final dividend being declared for fiscal year 2026.
Fleetwood will exit the RV Solutions segment through the divestment of its remaining Camec business, which supplies caravan and RV parts, accessories, and components across Australia and New Zealand.
The company determined Camec no longer fits its future strategic priorities and plans to redirect management attention and capital toward growth opportunities in its core modular building operations.
The group expects to engage with potential acquirers and cease operating in the RV Solutions segment during fiscal year 2027, with restructuring costs from the exit anticipated to total between $8 million and $10 million.
Camec currently services direct retail and online customers, manufacturers, dealers, repairers, and retailers.
Additionally, Fleetwood will close the Smithfield facility in the first quarter of fiscal year 2027 after a review identified sufficient capacity in Queensland and Victoria to meet current and forecast demand from New South Wales.
The group will retain sales and project delivery capability in New South Wales to continue servicing community needs across housing, schools, and infrastructure projects.
The Smithfield closure is expected to reduce annualized fixed costs by between $8 million and $9 million per year, with benefits beginning in the second quarter of fiscal year 2027.
The closure will trigger fiscal year 2026 restructuring costs of between $12 million and $14 million, which includes redundancies, asset disposals, and lease exit costs.
Chief Executive Officer Andrea Pidcock described the Camec divestment and Smithfield closure as part of a broader reset to improve the group’s competitive position.
“The divestment of Camec and closure of the Smithfield site will simplify our operating model and strengthen competitiveness, supporting future growth in our core Building Solutions business,” Pidcock said.
Pidcock added, “This reset reduces our cost base while we will continue to deliver high-quality outcomes.”
Fleetwood confirmed the initiatives had been authorized by the board and will be outlined further in a market briefing hosted by Pidcock and Chief Financial Officer Cate Chandler.
For professionals in the RV and outdoor hospitality industries, this major corporate divestment underscores a shifting landscape where manufacturing and supply chain operations are consolidating around core priorities.