Covid-19 construction slowdown hits GWA Group’s (ASX:GWA) results

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Bathroom fixtures and fitting supplier GWA (ASX:GWA) Group says its profit for the 2020 financial year fell 12 per cent to $44.9 million.

The company says profit was hit by lower construction activity and the COVID-19 pandemic.

The company reported a 4 per cent increase in revenue to $398.7.

Normalised group earnings (EBIT) from Continuing Operations dropped 8 per cent to $71.8 million.

The company will pay a final dividend of 3.5 cents per share, full-year dividend 11.5 cents, fully-franked.

Chief executive and Managing Director Tim Salt said in a very challenging year, with significant uncertainty and a strong focus on the health and wellbeing of our people, GWA delivered a disciplined result.

Shares in GWA Group (ASX:GWA) are trading 8.33 per cent lower at $2.53

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Source: Finance News Network