Skellerup forecasts mixed FY24 performance

Skellerup Holdings' Chair, John Strowger, provided initial guidance for the company's FY24 year.

The Q1 results showed mixed performance, with the Industrial Division meeting expectations and outperforming the previous year.

However, the Agri Division experienced lower sales due to reduced demand and inventory from international dairy customers in challenging market conditions.

Footwear sales remained solid.

For the full year, the company expects the Industrial Division to continue growing from new product sales and stable demand for existing products.

They also anticipate gradual increases in dairy sales as market conditions improve for the Agri Division.

Due to the uncertain global environment, forecasting future results is challenging, but based on current expectations, Skellerup expects FY24 NPAT to be in the range of $50 to $55 million.

The company's strategy of working closely with customers to provide engineered products for performance is crucial for sustained earnings growth.