Renovators bring bathrooms group Reece record profits

Simon EvansSenior reporter

Updated Feb 25, 2021 – 6.02pm, first published at 5.55pm

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Key Points

Revenue ($m) 3073.5, up 3.8 per cent from year-earlier 2961.0
EBIT ($m) 236.4 v 204.9
Net profit ($m) 123 v 104.9
Interim dividend 6c v 6c, payable on April 15

Bathroom and plumbing supplies company Reece Group posted a record net profit as renovators kicked into gear in the pandemic and online sales jumped in line with a structural shift to e-commerce across the retail sector.

Sales from the group’s 640 outlets in Australia and New Zealand were robust despite an extended lockdown in its home state of Victoria. Australasian sales rose 7 per cent to $1.47 billion, while in the US, where COVID-19 outbreaks were much worse, sales managed to creep ahead 1 per cent to $1.51 billion.