Half Year Results Announcement for FY21

Record first half result underpinned by strong demand in key regions.

H1 2020 Highlights

•  Sales in the December half FY 2021 of $36.9 million were down 8.0% (3.9% in local currencies); however, this compares to a record first half in FY 20200 and is despite the continued impact of the pandemic in key markets, with UK sales down 41.7% and Australian direct exports down 29.7% in local currencies.
•  Earnings were underpinned by continued strong gross margins, with EBITDA up 21.8% on a strong comparable period in HY20.
•  Operating expenses were carefully managed, down 19.0% in local currencies, or after adjusting for government assistance programs expenses were down 12.9%.
•  The strategic review was completed on the Brazilian operations, and implementation is in progress. The Brazilian Real devalued by 31% against the Australian Dollar in the last 6 months, resulting in $0.7 million of realised currency losses.
•  Cashflow was strong, underpinned by solid operating conditions and a reduction in working capital.
•  No debt for the group.
•  Interim fully franked dividend of 1.50 cents per share, up 11.1% on the same period last year was declared.

Presentation

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02343540-3A561711?access_token=83ff96335c2d45a094df02a206a39ff4