Reece Australia

Bathroom and plumbing supplies company Reece Australia reported a good result in spite of poor consumer confidence. Thanks to lower building and renovation activity, revenues for the half-year to 31 December 2011 fell marginally to $790m. Net profit fell 3% to $58m, equating to earnings per share of 58 cents. A fully franked interim dividend of 21 cents was declared (ex date 7 Mar). As is usual, Reece’s balance sheet was the very model of conservatism. With close to $140m in cash, zero debt, zero intangibles, and $660m of retained earnings (or undistributed profits) it’s the sort of balance...

Bathroom and plumbing supplies company Reece Australia reported a good result in spite of poor consumer confidence. Thanks to lower building and renovation activity, revenues for the half-year to 31 December 2011 fell marginally to $790m. Net profit fell 3% to $58m, equating to earnings per share of 58 cents. A fully franked interim dividend of 21 cents was declared (ex date 7 Mar).

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