Steel & Tube Holdings has reported its financial results for the year ending June 30, 2023.
The company achieved a solid financial performance, with record operating cashflow and the second-highest revenue result.
The value of its dual pathway strategy is becoming clear, with strong performance from recent acquisitions and product expansion opportunities.
The company has no bank debt and a positive cash balance, representing a $50 million improvement compared to the previous year.
It also achieved a significant reduction in its inventory balance.
Despite softer trading conditions and inflationary pressures, Steel & Tube reported normalised earnings before interest and tax of $32.1 million, compared to $47.9 million in the previous year.
Net profit after tax for FY23 was $17.0 million.
The company finished the year with a strong balance sheet, reducing debt to zero and having a cash balance of $6.5 million.
The Board declared a final dividend of 4 cents per share, taking full-year dividends to 8 cents per share.
The company is cautiously optimistic about the future, expecting improvement from early 2024.
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