Hallenstein Glasson Holdings Limited has reported an increase in group sales for the full year ended August 1, 2023.
Group sales reached $409.71 million, up 16.7% from the previous year.
Net profit after tax also increased by 24.9% to $31.98 million.
The company attributes the sales growth to the adverse impact of lockdowns in the previous year and continued sales growth in the second half of the year.
Gross margin remained steady at 57.3%, despite challenges in the exchange rate.
The company focused on negotiating better prices with suppliers and managing operating costs.
The balance sheet remains strong, with improved working capital and a healthy cash reserve.
The company implemented intercompany charges during the year, impacting segment results.
Sales in Australia increased by 21.8%, while sales in New Zealand increased by 7.7%.
Online sales declined by 23.5% compared to the previous year, but remained higher than pre-COVID levels.
The company declared a final dividend of 24 cents per share.
The first eight weeks of the new financial year have seen a decline in group sales, attributed to economic conditions and cost-of-living pressures.
Gross margin remains ahead of the previous year.
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