Steel & Tube has reported a decline in revenue and profit for the first half of the 2025 financial year, as it continues to navigate a weak economy.
The company's revenue for the six months ended December 31, 2024, was $196 million, down from $261.8m in the same period last year.
The decrease in revenue was attributed to weaker customer demand across all sectors and products.
Steel & Tube reported a net loss after tax of $10.4m, compared to a profit of $5.3m in the previous year.
However, the company said it has a robust balance sheet, with net cash of $17.5m and a $100m bank facility.
It also said there are early signs of market improvement, which are expected to build momentum from mid-2025.
Steel & Tube announced the acquisition of Perry Metal Protection, Perry Grating, and Waikato Sand Blasting, with completion expected in May 2025.
See more
