Steel & Tube has reported a solid result for the first half of the 2024 financial year, despite facing a more challenging trading environment.
The company's unaudited interim results, for the six months ending Dec 31 2023, revealed a normalised earnings before interest and tax (EBIT) of $11.3 million.
This exceeded the top end of guidance.
Steel & Tube also achieved a further reduction in inventory and maintained a positive cash position with no bank debt.
The company's chief executive, Mark Malpass, highlighted their resilience and agility, as well as their focus on cost control and customer service.
Looking ahead, Steel & Tube is well positioned to take advantage of increasing activity and demand, particularly in the private and public sectors.
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