Reliance (ASX:RWC) profit drops as construction slows in key markets

Company News

by Anna Napoli

Plumbing supplies company Reliance Worldwide recorded a 32.7 per cent drop in net profit to $89.4 million for the 2020 financial year.

The decline came after its US business did well through the coronavirus crisis but construction slowed through the rest of its key markets.

Sales in Europe, the Middle East and Africa were down 20 per cent in the second half as the UK and Europe curtailed business activity in response to Covid-19.

The company declared a final dividend of 2.5 cents a share, total dividends declared for financial year 2020 totalled 7.0 cents per share.

The results have put a rocket under Reliance’s shares the company is currently the ASX200’s top performer with shares (ASX:RWC) up 17.77 per cent higher at $3.38