Financial Reporting, General News
Resilience and reliability drive Q1 results
Despite the ongoing public health crisis and economic headwinds, today we announced our strong start to FY22. Through all the uncertainty, we’ve continued to show up for the tradies that count on us every day to ensure their essential work can continue to support the community.
Our people’s resilience and commitment to be the trade’s most valuable partner, has helped us deliver sales revenue of A$1,771m for the first quarter of FY22, up 13.2% on the same period last year.
Peter Wilson, Group CEO and Managing Director of the Reece Group said, “Sales revenue for the first quarter has been positive, reflecting momentum from FY21. We have continued to see growth in both regions which has exceeded our expectations.”
In Australia and New Zealand, sales revenue was up 9%. In the US, revenue grew 18.6% on a USD basis.
Like we’ve always done, we’re focussing on what we can control and are investing for the long-term success of our business but acknowledge that market dynamics will require careful management throughout FY22.
Wilson added, “The future continues to be unpredictable with global supply chain disruptions and inflation dynamics putting increasing pressure on sourcing and ongoing product availability. This, coupled with tightening labour markets and wage inflation will continue to put cost pressure on our business as we move into the next quarter.”
"However, as we’ve proven time and time again, Reece is adaptive and always one step ahead of our customer’s needs. Our resilient business model is designed to protect and preserve our business today, whilst creating a position of strength to accelerate our long-term strategy”.
As we navigate FY22, we will continue to leverage our long-term relationships with our supply partners and invest in a strong stock position to ensure we can consistently supply our customers with the products they need.
For more detail on results, check out our investor centre.