STU
14/08/2015 08:34
FLLYR
PRICE SENSITIVE
REL: 0834 HRS Steel & Tube Holdings Limited
FLLYR: STU: Steel & Tube Holdings Limited 2015 Annual Results
August 14 2015
S&T continues upward trend breaking through $500-million sales
Key financial results:
o Revenue: $502million - up 14% on the 2014 result of $441m
o After-tax profit: $21.4m - up 20% on the 2014 result of $17.9m
o EBIT: $29.8m - up 20% on 2014 result of $24.9m
o Net operating cash flow: $23.9m - up 94% on 2014 result of $12.3m
o Net tangible assets per share: $1.59/share increased 4c from $1.55/share
o Final dividend: 10c/share
S&T's full year result to June 2015 see the company continue its steady
upward trajectory, reporting a 14% lift in sales to just beyond $500 million.
This is despite Asian finished steel prices falling to their lowest level in
more than five years.
The after-tax profit was up by 20% on 2014 taking it to $21.4 million.
New Zealand's leading steel distribution company has continued to maintain
earnings and revenue momentum. This has been achieved while undertaking
significant investments in facilities, plant and connectivity to improve the
customer experience. In addition it has recently completed its second
acquisition in sixteen months by bringing fastenings business MSL into S&T.
Mr Taylor, CEO says the result is tangible evidence of the company's ongoing
reinvigoration strategy, strengthening its core business and delivering on
its promise of operational excellence underpinned with key strategic
investments.
During the past year S&T has opened three new purpose-built facilities: one
in Palmerston North and two in Auckland, enhancing the company's distribution
and processing capabilities ensuring it is well-positioned for the projected
growth of the Auckland market.
Mr Taylor added: "The results are particularly pleasing when viewed against
the economic challenges of the second half of 2015 when overall growth
moderated, ongoing volatility in the global steel environment and a softening
of raw material and finished steel prices."
"However, notwithstanding those issues, construction has continued to perform
strongly, and our S&T Stainless business achieved in line with expectation."
"The company is pleased with the quality of its recent acquisitions which
will help off-set the impact of a slowing New Zealand economy and the
on-going softness in global finished steel prices. S&T remains in very
strong shape and we look forward to taking the business to a new level in
2016 and beyond."
Ends
For further comment: Diane Robinson, S&T Communications Manager: 027 569 1919
End CA:00268411 For:STU Type:FLLYR Time:2015-08-14 08:34:16
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