Half Year 2024 Steel & Tube Holdings Ltd Earnings Call Transcript

Feb 20, 2024

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Feb 19, 2024 / 09:00PM GMT
Operator

Thank you for standing by, and welcome to the Steel & Tube 2024 Interim Results Call. (Operator Instructions)

I would now like to hand the conference over to Mr. Mark Malpass, CEO. Please go ahead.

Mark Malpass - Steel & Tube Holdings Ltd - CEO

Thank you, and welcome to everyone on the call. Here with me today is Richard Smyth, Steel & Tube CFO. We'll start with a quick summary of our first half of the 2024 financial year and an update on strategic progress and then move into more detail on the results before taking any questions and answers.

We've delivered a solid result in a more challenging environment with normalized EBIT and EBITDA both above our December 2023 guidance. Pleasantly, normalized EBIT of $11.3 million was ahead of the second half of the 2023 financial year. Despite continuing economic headwinds, our inventory was further reduced down to $128.6 million. And we ended the period with no bank debt and a strong cash balance of $26.3 million.

Financial results have been driven by a focus on customer service,

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