Briscoe Group reports 22.3% net profit drop

Briscoe Group has reported a 22.3% decrease in net profit after tax for the half-year ended July 28, 2024.

The company's net profit dropped to $33.21 million, compared to $42.79 million in the previous corresponding period.

However, the result includes a one-off, non-cash tax adjustment of $7.37 million.

Excluding this adjustment, net profit for the first half was $40.58 million, a 5.1% decrease from last year.

Briscoe Group achieved record sales of $372.08 million, representing a 0.77% increase.

The company's interim dividend of 12.5 cents per share will be maintained.

It will be paid on October 9, 2024.

The half-year results are unaudited.