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Coventry Group Limited (ASX:CYG)

ALERT: Price-sensitive ASX Announcement for CYG
Current share price for CYG : $0.320 -0.15 (-31.91%)+
Announcement
Release
26 Feb 2026 6:47PM
Price at Release
$0.470
Full Release
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Summary
Coventry Group Limited presented its H1 FY26 results, showing a revenue increase to $187.4 million, a 4.2% rise from 2H FY25 and a 1.5% rise from 1H FY25. Despite this revenue growth, the company reported a statutory net loss of $9.7 million, primarily due to $6 million in non-cash adjustments related to changes in accounting estimates. However, the company made progress in its 'Back to Basics' strategy, launching new branches and making improvements in underperforming branches. Financial performance also saw improvement with the execution of a $10 million cost reduction program, which has achieved annualized savings of approximately $5.1 million. The company is also managing working capital closely, with a focus on inventory reduction and has stabilized a new ERP system across its operations. Coventry Group is undergoing a strategic review to assess options for unlocking shareholder value, including possible portfolio simplification or separation.
Key Points
  • Revenue for H1 FY26 was $187.4M, a 4.2% increase from 2H FY25.
  • Statutory net loss was $9.7 million due to non-cash adjustments.
  • The 'Back to Basics' strategy has led to improved branch performance.
  • A $10 million cost reduction program contributed to $5.1 million in annualized savings.
  • The new ERP system has stabilized across Konnect Australia, Konnect NZ, and Fluid Systems.
  • A strategic review is underway to unlock shareholder value.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.