Reece: Result 2016

Reece’s full-year result exceeded expectations but there’s still growth to come.

Our opportunity to buy plumbing supplies company Reece earlier this year was unfortunately brief (see Reece: Three reasons). Despite the stock being near all-time highs back then, it’s since risen 35%, including 11% on Friday.

Underlying net profit up 15%

Operating margin up from 11.9% to record 12.5%

Building activity to slow

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