Steel & Tube has provided its earnings guidance for the financial year ending June 30 2024, forecasting normalised EBIT of $14 million to $15m and normalised EBITDA of $35m to $36m.
The company also expects to have a net cash on hand between $7m and $10m at the end of the year, and the board anticipates declaring a final dividend for FY24.
Steel & Tube said it is performing well relative to the challenging market, with continued margin growth, maintained market share, and strengthened customer relationships.
The company's chief executive, Mark Malpass, expressed confidence in their position for future demand growth, citing the control of controllables and investment strategy into high-value products and services.
Steel & Tube also reported that average selling prices remained elevated, while the cost out programme and working capital discipline contributed to positive net cash balance.
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