Fletcher Building has disestablished 308 jobs in its corporate division since mid-2024 and is in ongoing talks about selling its residential development division, Fletcher Living.
CEO and managing director Andrew Reding gave details about both topics today.
Speculation has been strong about the Fletcher Living sale but this is the first time he has talked about precisely how many roles the company has cut from its head office.
He spoke at the media conference after the company announced its half-year result to December 30, 2025.
“When I arrived, there were 719 in corporate. We’ve now got down to 411 and it’s an ongoing process, so we are paying a lot of attention to corporate overheads and costs in the organisation.”
Reding started at Fletcher in September 2024 but a spokesman said the corporate job cuts dated back to July that year.
Roles cut are understood to be in the IT and shared services areas, including payroll, here and in Australia.
It’s not just in corporate where the company has reduced headcount.
Last February, Fletcher said more than 500 jobs had been cut, of which about half were in Australia. These cuts were designed to achieve around $200 million in savings, Fletcher said.
Under Reding, Fletcher is also selling its construction division to Vinci for $315m.
It has also sold its ex-Winstone Wallboard factory in Felix St, Penrose.
Fletcher employs 12,500 people here, in Australia and the South Pacific.
The company is continuing with what Reding calls a strategic review, selling parts of the business and cutting jobs.
He wants a simplified, less expensive, more profitable operation.
Reding also talked more about the Fletcher Living sale, referring to the company understanding the options about that.
Asked when that sale might happen, he said: “We can’t drive the timetable. That is up to the parties with whom we are in contact.”
In November, the company confirmed speculation it was looking at that division being sold.
“Fletcher Building is undertaking a strategic review of its residential and development division. As part of that process, a range of potential outcomes, including possible divestment options, are being assessed,” it said at the time.
The company is talking to a number of interested parties as part of this review, it said on November 18.
That was in response to an article in the Australian newspaper speculating on the divestment of the division headed by Steve Evans.
Today’s result for the December half-year showed Fletcher Living received profit on 223 new homes and apartments. That was 81 units or 27% lower than sales in the previous comparable half-year.
New developments coming to market in this financial year’s second half include first homes settling at Ellerslie’s The Hill, Kaipātiki on the North Shore and Beachlands in south-east Auckland.
The Beachlands pre-sales campaign launched last October had delivered exceptionally strong results, with 32 contracts secured as at December 31, the company announced today.
At The Hill, the company is building a $500m housing estate on 6.2ha it bought from Auckland Thoroughbred Racing in 2021 for what was said to be more than $100m, although no price was disclosed.
Anne Gibson has been the Herald’s property editor for 26 years, written books and covered property extensively here and overseas.