Key financial results:
Revenue: | $502million – up 14% on the 2014 result of $441m |
After-tax profit: | $21.4m – up 20% on the 2014 result of $17.9m |
EBIT: | $33.3m – up 24% on 2014 result of $26.8m |
Net operating cash flow: | $23.9m – up 94% on 2014 result of $12.3m |
Net tangible assets per share: | $1.59 per share – up 4c on 2014 result of $1.55 per share |
Final dividend: | 10c per share – up 1c on 2014 result of 9c per share |
S&T’s full year results 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 16 months by bringing fastenings business MSL into S&T.
CEO Dave Taylor 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 adds: “The results are particularly pleasing when viewed against the economic challenges of the second half of 2015 which saw overall growth moderate, 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
About S&T
S&T is New Zealand’s leading supplier of steel products and services. It has a nationwide service and distribution network in 48 locations and is listed among the top 50 companies on the New Zealand Stock Exchange. It caters to numerous sectors across the New Zealand economy including commercial and residential construction, manufacturing, rural and heavy and light engineering. Its product range includes the Hurricane, Atlas, ComFlor and Fortress brands.