Our Chairman and CEO, Peter Wilson, acknowledged the challenges of FY25, noting “FY25 has been a turbulent year for Reece. We delivered a disappointing result, with full year earnings impacted by soft end markets across both regions. 

Group sales revenue declined 1% to $9.0 billion with ANZ sales revenue up 1% to $3.9 billion, while the US region saw a 5% decline in sales revenue to US$3.3 billion. 

Despite the challenges, Reece continued to invest and completed three bolt-on acquisitions and expanded its branch network by 39 locations. The company also made changes to streamline corporate costs to improve efficiency and better support the branch network.

Group EBIT decreased 20% to $548 million, reflecting both end market softness and ongoing investment in the business.

Looking ahead: 

While Reece anticipates a slow market recovery, we remain confident in our long-term approach. We continue to invest in our people, network and technology to build a stronger, more efficient business. 

Peter Wilson added: “We are well capitalised and will continue to look beyond the cycle to protect and grow the business. Reece operates in large, resilient markets where housing undersupply and population growth will drive demand for infrastructure across both our regions.”