Reliance Worldwide beats profit forecast

Company News

by Jessica Ellerm

Reliance Worldwide Corporation Limited (ASX:RWC) has announced a net profit after tax of $65.6M, an increase of 25.9 per cent on last year’s pro forma results.

EBITDA also rose, coming in at $120.7M, up 21.8 per cent, while net sales grew 12.6 per cent to $601.7M

The results are the first full financial year results for Reliance after the company listed on the ASX in April 2016.

A key highlight for FY17 was its acquisition of Holdrite, which it completed in June 2017, giving it exposure into the North American construction market.

The company has announced a final dividend of 3.0 cents, bringing the full year payout to 6.0 cents per share.

Shares in Reliance Worldwide Corporation Limited (ASX:RWC) last traded 1.82 % higher at $3.36.

Jessica Ellerm

Finance News Network
Jessica joined FNN in April 2016 and presents the Australian Share Market Outlook, and reports on the morning's leading business stories. Alongside FNN Jessica is a fintech industry commentator, writing for her own blog and a number of international online publications.