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FY22 Half Year Results Presentation
24 February 2022
At the Coventry Group we create a sustainable future by empowering our people to deliver great customer experiences
ASX: CYG
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Reduced LTI's in H1 FY22
We value the
health, safety and wellbeing of our people first and foremost.
Our aspiration is
zero incidents
Health, Safety and Wellbeing
The health, safety and wellbeing of our people is our number one priority
- 2 Lost Time Injuries (LTI) for a total of 7 lost days for H1 FY22 (5 LTI's for 38 lost days in H1 FY21)
- Detailed root cause analysis (RCA) investigations completed and shared across the business for all LTI's, Medical Treatment Injuries and Serious Near Misses to ensure we minimise risks and improve our safety systems
- Group Health, Safety and Environmental Manager role established in FY22
- Dedicated Safety Managers on the leadership team in each business unit
- Safety audits completed as part of our acquisition due diligence process
- Improved steel and manual handling systems implemented in the Nubco network
Continuous improvement plans for our health, safety and wellbeing systems in FY22
- We will continue to prioritise the health, safety and wellbeing of our people during the COVID-19 pandemic
- Introduced new business wide safety app (Donesafe) to streamline safety audits and actions
- Improving return to work and rehabilitation procedures
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Business Overview
We supply a range of fastening systems, industrial products and hydraulics, lubrication, fire suppression and refuelling systems, cabinet hardware systems and other products.
Trade Distribution (TD) | Fluid Systems (FS) | |
Comprises Konnect and Artia | FS | Comprises Cooper Fluid Systems, |
Australia (KAA), Konnect and | Torque Industries, H.I.S Hose and | |
Artia New Zealand (KANZ), and | Fluid Power Services. Designs, | |
Nubco. Supplies a range of | TD | manufactures and sells hydraulics, |
fastening systems, cabinet | lubrication, fire suppression and | |
hardware systems, industrial and | refuelling systems and products | |
construction products through a | through 15 branches in Australia. | |
network of 49 branches in | Customers are in the mining, | |
Australia and 16 branches in | manufacturing, defence, recycling | |
New Zealand. Customers are in | and agriculture sectors. | |
the manufacturing, | ||
construction, infrastructure, | ||
agriculture and mining sectors. |
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Corporate Snapshot
Market capitalisation of $148.1m
Key Market Metrics
SHARE PRICE | SHARES ON | MARKET | NET DEBT |
24 February 2022 | ISSUE | CAPITALISATION | 31 Dec 2021 |
$1.62 | 91.4M | $148.1M | $-26.9M |
We acknowledge the support of our substantial Shareholders
28.5% | 15.4% | 10.8% | 5.7% | 5.0% |
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H1 FY22 Snapshot
Trading performance improved despite the on-goingCOVID-19 backdrop
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H1 FY22 Trading performance
Net assets
Net debt
COVID-19
Group sales growth for H1 FY22 of +13.9% when compared with the prior corresponding period (pcp). Group sales at $157.0m ($137.8m H1 FY21).
Despite an estimated loss of $750k of EBITDA due to the enforced lockdown in New Zealand, Group EBITDA of $7.3m ($7.0m H1 FY21). Proforma EBITDA up 15% compared with the prior corresponding period.
Statutory net profit for the half year of $2.4m ($1.1m H1 FY21). Share price $1.62 compared to $1.45 as at 30 June 2021.
The Group has a solid balance sheet with Net Assets of $111.1m as at 31 December 2021. Inventory value has increased due to significant price inflation along with increases to inventory levels to minimise the impact of global supply chain issues and stock shortages.
Net debt as at 31 December 2021 of -$26.9m (Net debt as at 30 June 2021 of -$16.3m). Net Debt was impacted by increased inventory levels during the half of $11.3m and capital expenditure of $2.3m.
Managed lockdowns and restrictions throughout our operations and markets across the period.
Note 1: EBIT and EBITDA exclude the impact of AASB 16 - Leases
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Coventry Group Limited published this content on 24 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 February 2022 01:31:07 UTC.