Steel & Tube Holdings Limited is pleased to release its Annual Report for the year ended 30 June 2021 (FY21). To explore the annual report, click here.
The FY21 year was a challenging time for many businesses and communities. We are incredibly proud of our people for standing up supporting our customers and delivering a solid result. We saw a strong recovery from Covid-19 in New Zealand following the April 2020 Level 4 lockdowns, with the execution of strategic initiatives delivering growth, underpinned by positive economic activity.
We are now seeing the benefits of our efforts over the last three years and particularly our investment in our people and digital technology. We have seen improvements in all areas, with customer sales and margins recovering across the year and we have a strong pipeline of secured work.
The improved financial results delivered in FY21 are an indication of the growing value being generated as we move forward with clear strategic objectives – to be the best in the business, the preferred choice for customers, a rewarding place to work and an attractive investment for our shareholders.
Our strong financial performance in FY21 and return to profitability is our first step as our focus transitions from the turnaround of our business to growth and value add.
The events of this past year have reinforced the importance of taking a long-term view and establishing policies and business strategies that look beyond next quarter or year. As we write this, New Zealand is in another Alert Level 4 lockdown. Our previous experience shows that economic activity is simply deferred or delayed during these times, with a strong recovery once business re-opens.
We are confident in our strategy and are moving forward with a robust financial and operating platform, strong leadership across many product categories, an experienced executive team, and strong employee morale.
We look forward to building on Steel & Tube’s legacy as New Zealand’s leading steel provider and adding value for all stakeholders.
To explore the annual report, click here.