Today we have announced a record result for Steel & Tube, in what has been an outstanding year for the company. Our annual report, results announcement, and results presentation can all be viewed here https://steelandtube.co.nz/investor/media/2022/steel-tube-fy22-results-year-ended-30-june-2022.
- Revenue: $599.1m, up 25%
- Earnings: EBITDA $66.6m, up 73%; EBIT $47.6m, up 130%
- Profit after tax: $30.2m, up 97%
- Final dividend: 7.5 cents per share, 50% imputed, taking FY22 dividends to 13 cents per share
- FY22 Dividend Yield: 11.4% 1
This strong result has been driven by continuing demand for steel and Steel & Tube’s focus on customer service, operational performance and disciplined supply chain management.
We are now well positioned to deliver through the economic cycle and to take advantage of new market and product opportunities. The benefits of our turnaround programme are well embedded in the business, we have a clear strategy for growth and are a leading supplier in a market with strong demand.
Our strategy is focused in two areas - continuing to strengthen our core business and growing in high value areas. Initiatives are already underway and bearing fruit. We have a strong pipeline of secured work in place and are focused on continuing to generate sustainable double-digit Return on Funds Employed.
We are excited about the opportunities ahead of us to grow our business and deliver value for our shareholders.
1 Based on share price of $1.27 as at 30 June 2022
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