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Home / Business

Profits soar at Steel & Tube

BusinessDesk
13 Aug, 2015 10:40 PM2 mins to read

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The company will pay a final dividend of 10 cents a share, up from 9 cents a share earlier.

The company will pay a final dividend of 10 cents a share, up from 9 cents a share earlier.

Steel & Tube Holdings, New Zealand's biggest steel distribution company, posted a 20 percent gain in full-year profit and said recent acquisitions will be a buffer to slowing economic growth and weakness in global finished steel prices.

Net profit rose to $21.4 million, or 24.5 cents, in the 12 months ended June 30, from $17.9 million, or 20.4 cents, a year earlier. Sales rose to $502 million from $441 million.

Read also:
• Steel & Tube buys Manufacturing Suppliers
• Steel & Tube lifts profit by 35%
• Steel and Tube profit up 15pc as Tata buy boosts sales

Steel & Tube agreed to acquire fastener maker Manufacturing Suppliers for $32 million in cash and scrip last month, having acquired Tata Steel (Australasia) for $28.1 million, renaming it S&T Stainless, last year.

At the same time it's part-way through a $30 million reinvestment programme that's included three new facilities that it says will enhance its distribution and processing capabilities.

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"The results are particularly pleasing when viewed against the economic challenges of the second half of 2015 when overall growth moderated, ongoing volatility in the global steel environment and a softening of raw material and finished steel prices," said chief executive Dave Taylor. "Construction has continued to perform strongly, and our S&T Stainless business achieved in line with expectation."

Recent acquisitions "will help off-set the impact of a slowing New Zealand economy and the ongoing softness in global finished steel prices," he said. Steel & Tube "remains in very strong shape and we look forward to taking the business to a new level in 2016 and beyond."

The company will pay a final dividend of 10 cents a share, up from 9 cents a share earlier.
Steel & Tube shares last traded at $2.81 and have declined 3.4 percent this year.

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Steel & Tube earnings up 10 pc

19 Feb 08:33 PM
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