Renovators drive Reliance Worldwide but inflation pressures build
Key Points
- Revenue ($m): 1340.8, up 15pc from year-earlier 1162.4
- Pretax profit ($m); 272.3 v year-earlier 135.9
- Net profit ($m): 188.2 vs year-earlier 89.4
- Final dividend: 7¢, payable October 8
The chief executive of plumbing fittings group Reliance Worldwide says the fracturing of global supply chains as shipping companies miss deliveries because of port shutdowns in China is causing further headaches, and a shortage of plumbers is set to worsen once economies re-open.
Heath Sharp also said inflation pressures are building and the group’s prices will be about 6 per cent higher in 2021-22 compared with the 12 months ended June 30, with much of the increase coming from higher copper prices.
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