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Steel & Tube Holdings Limited has announced a full year result for the 12 months ending 30 June 2020, in line with the guidance provided in its trading update on 10 August 2020. Revenue for the 12 months was NZD 417.9 million, reflecting the impact of COVID-19 in the second half of the year and following the first half year impacts of reduced vertical construction activity, a softening stainless steel market and competitive pricing pressures. The level 4 lockdown and progressive return to business occurred during a traditionally high earning period for the business, with a significant impact in April and May. In response to the pandemic, Steel & Tube has accelerated its organisation change programme, with 11 branch closures and consolidations, creating a more streamlined and leaner business. This required some difficult decisions with a reduction in the workforce of between 150 - 200 people, with 93 people having already left the organisation at 30 June and the balance to leave during the first half of FY21.

 

The result includes non-trading adjustments of NZD 58.1 million, including non-cash goodwill and other impairments of NZD 51.9 million and NZD 5.5 million in restructuring and rationalisation costs. FY20 normalised EBIT (excluding non-trading adjustments) was NZD 0.4 million. 

 

Steel & Tube CEO Mark Malpass said “While our headline result was not as we would have liked due to softening market conditions exacerbated by the impact of COVID-19 as well as non-cash goodwill and business restructuring related impairments, we are pleased at how our company and our people have come through this challenging period.”

 

“The work done over the past two years as part of the Strive programme is now demonstrating its value. Steel & Tube has a stronger financial platform and is a more efficient and leaner business. We have accelerated investment in digital technology to support our move to a service model that combines ease of business and service for customers.”