ARB (ASX:ARB) posts Q1 sales growth of 17.7%

Company News

by Anna Napoli

4WD accessory manufacturer and distributor ARB Corporation (ASX:ARB) has posted unaudited sales revenue growth of 17.7 per cent for the first quarter of FY21 compared with the year earlier period.

The company says excellent growth was achieved in export markets, while domestic Australian sales growth was moderate and, as expected, OEM sales decreased compared with the same period last year.

The extended lockdown in Melbourne had a negative impact on local sales during the quarter.

The Board believes a substantial proportion of the recent growth can be attributed to satisfying pent up demand created during the lockdown period.

The company has not given guidance due to the uncertainty of the future economic environment.

Shares in ARB Corporation (ASX:ARB) are trading 7.17 per cent higher at $31.52.