GWA Group (ASX:GWA), a leading provider of water solutions products and systems to households and commercial premises, has announced a strong financial performance for the year ended 30 June 2024, despite challenging market conditions.
The company reported a 3.4% increase in normalised net profit after tax to $45.6 million, driven by disciplined execution of its strategy and a focus on customer-first initiatives.
Key financial highlights include:
- Group revenue up 0.4% to $413.5 million
- Normalised EBIT up 5.4% to $74.2 million
- Strong cash flow generation with a cash conversion ratio of 110%
- Net debt reduced by 17%
- Fully franked final dividend of 8.0 cents per share, bringing the full-year dividend to 15.0 cents per share, a 15% increase
GWA Managing Director and CEO, Urs Meyerhans, expressed satisfaction with the company’s performance. “Despite challenging markets, particularly in New Zealand, we delivered volume growth and improved earnings,” he said. “Our focus on ‘win the plumber’ has been instrumental in achieving these results.”
Meyerhans emphasised the company’s strong financial position and its commitment to evolving its strategy for future growth. GWA is targeting specific market segments, including commercial aged care, healthcare, volume home builders, and social and affordable housing, to drive growth in the coming year.
While the broader market faces headwinds, GWA remains optimistic about its ability to deliver sustainable growth through its customer-centric approach and disciplined execution.
