Tuesday 24th August 2021
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Steel & Tube Holdings Limited is pleased to report its audited results for the 12 months ended 30 June 2021.
Financial performance has significantly improved versus the prior year, with positive economic activity driving increasing demand for steel across a number of sectors and the execution of strategic initiatives delivering significant structural cost reductions.
Revenue was up 15% to $480.0m, EBIT significantly improved to $21.8m with normalised EBIT up from $0.4m in FY20 to $19.0m. The company had a strong return to profitability with net profit after tax of $16.1m. The Board has declared an unimputed final dividend of 3.29 cents per share, taking full year dividends to 4.5 cents per share.
Continued improvement in working capital management and debt collection assisted in generation of robust operating cashflow of $31.5m.
All debt was repaid during the year, with $25.0m net cash at year end, and the network consolidation programme has been largely completed with the $7m sale and leaseback of the Petone site in March 2021. The company has a strong financial platform for Steel & Tube to invest in targeted organic growth initiatives and market opportunities.
Investments in digital technologies, people, safety and quality are all delivering value and providing a strong platform for Steel & Tube to move forward with its growth plans in FY22.
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