A year ago -
In February, Steel & Tube indicated the current financial year's (FY16) full
year underlying profit was expected to be consistent to the prior full year's
net profit after tax (NPAT) of $21.4m.
The current second half of financial year FY16 is proving more challenging
than anticipated and as a consequence, the FY16 full year underlying profit
is expected to fall short of last year's NPAT by between 10 and 15%.
Today
In February in the half year results, Steel & Tube signaled the FY17 full
year was expected to be consistent to the prior year's EBIT.
The Company indicated a stronger second half and while Steel & Tube was on
track to realise that, the period proved more challenging in the final weeks.
"We have faced multiple construction and infrastructure project challenges,
and delays which have been out of our control, coupled with intense
competition in the market leading to tighter margins particularly in the
construction sector," says CEO Dave Taylor.
As a consequence, the FY17 EBIT is expected to fall short of last year's by
between 10% and 15%.
Same message this time next year.? They like using the word 'consistent' so chances are it will be.
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