Ann: Trading Update and Revised FY2019 Guidance, page-20

BLD is blaming the weather on east coast U.S.A and delays in construction approvals whilst domestic housing earnings is remaining robust.

BLD's growth is centred on infrastructure where building supplies business is dependant on good weather . East Coast USA had a very wet autumn and winter there now but earnings should improve second half as the U.S starts warming up. They issued a warning in October 2018 basically saying as such.

FY19 EBITDA as stated will be higher than FY18 which will be around $1.06-$1.1B

It was forecasted dividend would increase FY19 and dividend pay out ratio would decrease from 70% to 67%

But think the pay out ratio would remain around 70% and increase dividend from 26.5c to 27c (interim + final)

Currently trading 10% below book value or 0.95x Price to Book with little leverage.

IMO