Reliance Worldwide posts record FY profit

Reliance Worldwide has more than doubled full-year profit to a record $133 million despite the plumbing supplies manufacturer facing headwinds including higher copper prices and a slowdown in new Australian residential construction.

Revenue for the 12 months to June 30 jumped 43.5 per cent to $1.104 billion as Reliance Worldwide recorded a first full-year contribution from its 2018 acquisition of UK plastic fittings maker John Guest.

The company met its earnings guidance, which it downgraded in May following the lack of a pipe-splitting winter freeze in the southern US, and raised its fully franked final dividend by two cents to five cents.

AAP

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