GWA Group posts $43m full-year profit, announces $30m buyback
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The news: Bathroom and kitchen fixtures business GWA Group has reported full-year statutory net profit after tax of $43.4 million, a 12.3% increase on the previous year, amid sales volume growth in Australia and the UK.
The company also announced a $30 million on-market share buyback will commence on 2 September.
The numbers: Profit was up compared to the $38.6 million reported in the previous year and roughly in line with market consensus estimate of $43.8 million, according to Visible Alpha data.
Total revenue for the financial year came in at $418.5 million, higher than the $413.5 million reported in FY24. This was lower than the market consensus estimate of $423.6 million.
The company declared a final dividend of 8 cents per share, taking the full year fully franked dividend to 15.5 cents per share.
This is better than the 15 cents per share declared in the previous corresponding period. Analysts had expected a payout of 15.75 cents per share.
What they said: GWA Group managing director and CEO Urs Meyerhans said the company delivered volume growth for its Australian and UK businesses despite "ongoing challenging market conditions".
"Throughout the year, we maintained disciplined execution of our clearly defined growth strategy," Meyerhans said.
"This included deeper engagement with the plumbing industry, the successful introduction of market-relevant products, and ongoing improvement in customer service performance."
