Redox Limited's 1H FY24 financial report highlights

Redox Limited (ASX: $RDX) has reported a profit of $39,568,000 for the half-year ended 31 December 2023, marking an increase from $37,043,000 in the same period in 2022. The Board declared a fully franked interim dividend of 6 cents per share, to be paid on 20 March 2024. The financial statements were subject to a review by the auditors, Deloitte.

Executive commentary on financial performance and outlook

The result of an 8.4% growth in NPATEX for the 1H FY24 demonstrates the robustness of the Redox operating model. Despite a decline in revenue by 8.4%, the volume of product sold in the 1H FY24 has increased in line with historical averages, particularly in the North American market. The company achieved a Gross margin for 1H FY24 of 23.1%, an improvement of 2.6 percentage points over 1H FY23. The Board is optimistic about sustaining volume growth throughout the remaining months of FY24, with an uplift in forward order values. However, recent disruptions in shipping routes are expected to impact the cost of goods, resulting in higher average sell price per unit.

Summary of Redox Limited's financial report and outlook

Redox Limited has reported a profit of $39,568,000 for the half-year ended 31 December 2023, with an increase from the same period in 2022. The Board declared a fully franked interim dividend of 6 cents per share, to be paid on 20 March 2024. Despite a decline in revenue, the company achieved volume growth in line with historical averages, particularly in the North American market. The Board is optimistic about sustaining volume growth throughout the remaining months of FY24, with an uplift in forward order values. Recent disruptions in shipping routes are expected to impact the cost of goods, resulting in higher average sell price per unit. Redox's financial report indicates a positive outlook for the company's performance in the coming months.