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REECE LIMITED — Earnings Release 2019
Oct 29, 2019
65683_rns_2019-10-29_6f105be8-fc2c-47e4-a07f-552e5aac8325.pdf
Earnings Release
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ASX Announcement
30 October 2019
Q1 FY20 Update
Reece Limited (“Reece Group”; ASX: REH) today announces its Q1 FY20 sales update. The Group achieved sales revenue of A$1,501m, up 8.8% on the same period last year (A$1,379m). On a constant currency basis sales revenue grew 4.9%. In ANZ, revenue increased to A$738m, while in the US, MORSCO’s revenue grew to US$518m (A$763m).
EBITDA for H1 FY20 is forecast to be in-line with the same period last year and with expectations, given the current economic environment and the Group’s continued investment in innovation and technology.
Peter Wilson, CEO and Managing Director of the Reece Group said, “In Australia, we’ve continued to grow our sales revenue in a moderating environment, while in the US we’re growing in-line with expectations. We expect to maintain the Group’s EBITDA in the first half of FY20, while continuing to invest in digital innovation and other initiatives.”
For further information contact:
Scott Newstead Reece Group E: [email protected] T: 0437 066 512
About the Reece Group
Reece Group is a leading distributor of plumbing, waterworks and HVAC-R products to commercial and residential customers through 800 branches in Australia, New Zealand and the United States.
Established in 1920 and listed on the Australian Securities Exchange (ASX: REH), Reece Group has approximately 7,800 employees committed to improving the lives of their customers by striving for greatness every day.
For further information on Reece Group and its portfolio of businesses please visit www.reecegroup.com.au.
118 Burwood Highway Private Bag 109 T 61 3 9274 0000 Burwood Victoria 3125 Burwood Victoria 3125 F 61 3 9274 0199
ABN 84 004 097 090 www.reecegroup.com.au
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