Reece Ltd (ASX:REH)
A$ 26 0.19 (0.74%) Market Cap: 16.67 Bil Enterprise Value: 18.17 Bil PE Ratio: 39.22 PB Ratio: 4.54 GF Score: 87/100
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Half Year 2023 Reece Ltd Earnings Call Transcript

Feb 21, 2023 / 10:30PM GMT
Release Date Price: A$16.87 (+0.72%)
Operator

Thank you for standing by, and welcome to the Reece Limited half year results. (Operator Instructions) I would now like to hand the conference over to Mr. Peter Wilson, Group CEO. Please go ahead.

Peter J. Wilson
Reece Limited - CEO, MD & Executive Director

Thank you, and good morning, everyone. Today, we're going to take you through an overview of the results and a recap on our strategy as well as a review of our highlights for the half and some thoughts on the macro outlook. Please note for consistency, all figures are in Australian dollars unless otherwise stated.

We've delivered another strong result in the first half of FY '23, driven by persistent inflation and strong execution by our team. Group sales were up 23% on the prior year to $4.4 billion, ANZ sales were up 11% and U.S. sales were up 34% in Australian dollars, inclusive of positive foreign exchange during the period. Normalized EBITDA was up 25% to $495 million. EBIT was up 18% to $325 million and was impacted by a goodwill impairment in our Metalflex business, which Andrew will

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