Today, we held Reece Group’s 71st Annual General Meeting (AGM) , where we announced our Q1 FY25 sales update. The Group delivered sales revenue of A$2,232m for the first quarter, down 5% on the same period last year, and down 4% on a constant currency basis. 

As we anticipated at the full year, the challenging trading environment has continued during the first quarter driven by ongoing softness in housing activity in both regions.

In Australia and New Zealand (ANZ), sales revenue was broadly flat with underlying volumes softening on the same period last year. Sales were supported by recent bolt-on M&A activities in the region.

In the United States (US), sales revenue was down 6.5% on a USD basis reflecting the impact of lower volumes and ongoing deflation in select categories.  Adverse weather conditions also impacted US sales in Q1. 

Peter Wilson, CEO of Reece Group, said: “As we look ahead, the lead indicators continue to be challenging in both regions. While the US has seen its first rate cut, this will take time to work through the system. 

“We have a track record of investing through the cycle to build a stronger business for the long term. Despite recent softness, we continue to invest in growth and remain focused on strengthening our core capabilities and delivering our customer promise.” 

As a result of Q1 trading, Reece expects Adjusted EBIT for the first half of FY25 to be within the range of A$300m – A$320m.

For more details on results, head to the Investor Centre.