Vulcan Steel reports lower profit for FY23

Australasian industrial product distributor Vulcan Steel has reported lower returns for FY23, citing challenging economic conditions. 

The company's NPAT sunk 29% to NZ$88m, while EBITDA fell 7% to NZ$209m. 

Adjusted figures saw NPAT drop 33% to NZ$95m, while EBITDA decreased 10% to NZ$219m. 

The firm's return on capital was 21%, the second highest for the company in the last ten years, and its net debt marginally dropped from NZ$340m to NZ$328m. 

Despite an uncertain market, CEO Rhys Jones expressed optimism regarding the firm's business improvement programme, which he believed positions Vulcan Steel for future success. The company also noted an increase in active trading accounts.