Reece Limited's Half-Year Financial Report for the 6 month period ended 31 December 2023

Reece Limited (ASX: $REH) has released its Appendix 4D and Interim Financial Report for the half-year ended 31 December 2023. Despite a subdued demand environment, the company reported a 2.5% increase in sales revenue to $4,537m. Adjusted EBITDA was up 8% to $526m, while statutory EBIT increased by 13% to $367m. Statutory NPAT also saw a significant increase of 20% to $224m.

Executive Commentary on Reece's Performance

Reece delivered a solid result in the first half of FY24 despite subdued demand across regions. The company's disciplined operational cost management and focus on executing the fundamentals of the Reece model contributed to the 8% increase in adjusted EBITDA to $526m. We continued our focus on operational excellence and disciplined cost management, resulting in a positive impact on the business. Looking ahead, we expect subdued demand across our business with a softening in the environment in ANZ. However, we remain committed to investing to build a stronger business and deliver on our 2030 vision of being our trade's most valuable partner.

Summary of Reece's Half-Year Financial Report

Reece Limited's Half-Year Financial Report for the 6 month period ended 31 December 2023 reflects a positive performance despite subdued demand. The company reported a 2.5% increase in sales revenue, reaching $4,537m, driven by disciplined operational cost management. Adjusted EBITDA saw an 8% increase to $526m, and statutory EBIT increased by 13% to $367m. Reece remains focused on investing to build a stronger business and aims to deliver on its 2030 vision of being the trade's most valuable partner. The company anticipates subdued demand in the upcoming period but is committed to long-term investments to achieve its goals.