GWA posts loss after sales writedowns

Queensland-based building fitting and fixture supplier GWA Group today posted a net loss of $16.2m, including a loss on sale/impairments related to divested businesses and restructuring costs, for the year ended 30 June 2015.

GWA has divested three businesses over the last year – Dux Hot Water, Brivis Climate Systems and Gliderol Garage Doors; and has shifted its focus on its core Bathrooms & Kitchens and Door & Access Systems businesses.

The company said in a statement it made a 19 per cent increase in normalised net profit after tax from continuing operations to $45.2 million for the year ended 30 June 2015.

Normalised EBIT from continuing operations increased by 13 per cent to $72.8 million, driven by a 14 per cent increase in EBIT from Bathrooms & Kitchens, partially offset by a decline in earnings from Door & Access Systems of 14 per cent compared with the previous year.

GWA Managing Director, Mr Peter Crowley was upbeat about the company’s direction.

“We have market-leading positions and strong brands across all segments, supported by a strong financial position, which enables us to continue our investment in systems and product innovation,” he said.

“The company will continue to consider available capital management initiatives with a view to maximising shareholder returns. Separately, the Board expects to resume ordinary dividends from the interim dividend for FY16, subject to prevailing market and trading conditions.”