Reece lifts sales as demand softens

The news: Bathroom supplies company Reece has lifted full-year revenue by 15.5% to $8.84 billion, despite weaker sector demand.

The numbers: Reece posted a net profit after tax of $388 million, down 1% on the previous year, and declared a total dividend of 25 cents, up 11% on FY22. EBIT was up 13% to $654 million. Reece shares were trading about 1.4% in the red at $20.20 at midday.

The context: Reece chief executive Peter Wilson said as demand had fallen off from Australia's pandemic home renovation boom, a high-inflation environment was weighing further on consumers and the costs of doing business.