Seven Group boss Ryan Stokes says demand is so strong it can’t meet orders amid supply bottlenecks that have doubled the amount of machinery and parts it has in transit, spurring the conglomerate to hike orders from Caterpillar and push higher prices onto customers.
Posting a 22 per cent increase in first-half profit, Mr Stokes said its WesTrac Caterpillar dealership and equipment arm had “arguably greater demand than we’re able to source gear for ... particularly in construction”.
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Michael Bennet is WA reporter for The Australian Financial Review based in Perth. He has worked as a journalist for more than a decade, including at The Australian where he was senior banking reporter and also covered economics, markets and deals. Connect with Michael on Twitter. Email Michael at michael.bennet@afr.com
