Today Steel & Tube has announced its results for the year ended 30 June 2024, reporting a solid financial result in a challenging economic environment.
Our annual report and results announcement can be read here www.steelandtube.co.nz/investor-centre.
We have a great team of people in our business, and our customers like what we’re doing. Our customer satisfaction scores are above industry average. We offer New Zealand’s most comprehensive range of steel products and solutions and our ecommerce platform makes it easy for our customers to do business with us. In this year’s dynamic environment, we have remained flexible and are supporting our customers through value added services as we continue providing the quality and delivery reliability they expect.
Our focus over the past year has been on controlling the controllables by strengthening customer relationships, maintaining market share, growing higher value products and services, expanding our cross-sell opportunities and managing costs. These strategies have not only enhanced our customer proposition but will drive our profitability as the economy recovers.
The value of our growth strategy is now proven and we are actively exploring new opportunities. Recent organic growth and acquisitions are expanding our product range and providing our customers with greater choice and access to high value, quality products and services.
Longer term macro trends are positive for steel. It is one of the most essential and often the only product for many construction needs. It is also a sustainable building product – permanent, forever reusable and the most recycled substance on the planet. We see a significant opportunity in infrastructure and climate resilience. There is a big pipeline of work ahead and Steel & Tube is well positioned to capitalise on this.
We will continue to build on our strategy in the coming year, strengthening our core and investing in high value products and services. While the timing and pace of an economic recovery remains unclear, our expectation is that conditions should start to improve in the 2025 calendar year.
Our market share is strong, we have a loyal customer base and we have quality inventory, meaning we can provide the products and solutions we know our customers need when their projects start up again. With a strong balance sheet, we are well positioned to take advantage of organic growth and acquisition opportunities.
We are excited about the opportunities ahead of us to grow our business and deliver value for our shareholders.
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