Steel & Tube, New Zealand's largest steel distribution company, lifted first-half profit by 35 per cent, in line with expectations, following last year's acquisition of S&T Stainless and an uplift in construction activity.
Net profit was $10.8 million in the six months ended December 31, up from $8.03 million a year earlier, the Wellington-based company said. Sales rose 22 per cent to $258 million.
Chief executive David Taylor said the results were pleasing against a global backdrop of increasing geopolitical uncertainty, financial market volatility and intense domestic competition.
"Construction has underpinned much of our increased activity and though this is likely to plateau, those parts of our business aligned to the sector are expected to continue delivering strong results," Taylor said.
The company imports, distributes and manufactures around 58,000 steel products across many industry sectors.
