HGH Ltd Results for the 6 months ended 1 February 2022

Hallenstein Glasson Holdings Limited (HGH) has released their unaudited results for the six months to 1 February 2022, reporting Group sales of $170.63 million, a 6.2% decrease from the corresponding period last year ($181.98 million).

Net profit after tax was $11.91 million, a 40.0% decrease from the prior period ($19.84 million).

Gross margin on sales was 57.9%, an improvement from 56.5% in the prior corresponding period, driven by better prices negotiated with suppliers and beneficial exchange rates.

The results were in line with the guidance announced to the NZX on 17 February 2022.

Trade disruption from the COVID-19 pandemic led to 5,432 lost trading days across the Group's New Zealand and Australia store network.

An interim dividend of 18 cents per share (partially imputed) has been declared to be paid on 15 April 2022.

Digital sales have increased to 32.8% of total Group sales, with an increased focus on digital marketing across the Group.

The business remains hopeful that the worst of the Omicron outbreak will soon be behind them and looks forward to a stronger finish to the financial year.