Brickwork Limited’s shares up, after announcing the trading update

Brickworks Limited (ASX-BKW) provided a trading update:

• In FY22, the company recorded an underlying NPAT of AU$746.0 million for FY22, a 159% increase from the previous corresponding period. After comprising essential items and discontinued operations, the statutory NPAT was AU$854.0 million, which increased 257% on PCP.
• The company expects to complete the AU$300.0 million sale of Oakdale East Stage 2 into the Industrial JV Trust in the 1HFY23. After that, the company has identified three additional properties for prospective sale into the Trusts over the coming years, to support continued long-term growth.
• In the last month, it has entered into a supply agreement with Brickability, a market-leading building products supplier in the UK, to sell bricks into the UK market. This agreement marks a significant strategic milestone for the company as the UK is an attractive development opportunity, with annual demand of around 3 billion bricks, of which about 10-20% is sourced from imports.
• Over the previous few months, the company completed a strategic investment in FBR Limited and now holds almost 20% of total shares on issue, as it has maintained a keen interest in FBR since its initial seed investment in 2006. FBR Limited has recently started the commercialisation process for a bricklaying robot that would construct walls faster than traditional methods and with little labor.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com