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COVENTRY GROUP LIMITED — Interim / Quarterly Report 2023
Oct 12, 2022
64742_rns_2022-10-12_94675831-8c6d-4b39-a660-12a382c394e9.pdf
Interim / Quarterly Report
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ASX RELEASE
CYG – Q1 FY23 Trading Update
13 October 2022
Coventry Group Ltd (ASX: CYG) announced today an update on the Group’s trading.
FY23 Q1 Group sales up +14.8% on FY22 Q1 with adjusted EBIT up 20.3%.
Robert Bulluss, Group CEO and Managing Director of Coventry Group said, “The Group delivered pleasing Q1 sales and adjusted EBIT growth despite a continuing volatile macroenvironment and unplanned public holidays. All acquisitions are continuing to perform strongly.”
Trading update
Sales growth is being driven by our strong value proposition, activity in our key market sectors, acquisitions and diversification into new markets. Percentage sales and adjusted EBIT growth change for Q1 FY23 when compared with the prior year is shown below:
| Segment | Q1 FY23 vs Q1 FY22% change |
|---|---|
| Fluid Systems (FS) Sales | +6.4% |
| Trade Distribution (TD) Sales1 | +20.8% |
| Consolidated Group Sales1 | +14.8% |
| Consolidated Group Adjusted EBIT1 2 | +20.3% |
Notes
1. TD Sales growth and adjusted EBIT positively impacted by the New Zealand Government lockdown in FY22.
2. For comparison purposes, unaudited EBIT has been adjusted for the estimated impact of the application of AASB16.
Global volatility and COVID-19
The macroenvironment remains challenging with continuing global volatility, devaluation of the AUD and labour and skills shortages. We are starting to see price and cost inflation ease and supply chain challenges and stock shortages reduce.
Outlook
There are significant growth opportunities across all segments of the business – market share gains, new branches, product range extension and acquisitions.
Given continuing market uncertainty we will not be providing full year guidance but will continue to provide quarterly trading updates to the market.
Authorised for release by the Board of Directors of Coventry Group Limited.
For further information contact:
Robert Bulluss
Chief Executive Officer and Managing Director 0455 664 555
Coventry Group Ltd | ABN 37 008 670 102 | 235 Settlement Road, Thomastown Vic 3074 | Tel: (03) 9205 8223 | www.cgl.com.au