Coventry Group Ltd (ASX: CYG) disclosed its H1 FY24 trading update, revealing a 5.4% YoY increase in Group sales to AU$185.3 million and an 18.1% YoY surge in unaudited EBITDA to AU$9.8 million. Robert Bulluss, the Group CEO, attributed the growth to initiatives aiming to achieve a 10% EBITDA percentage to sales in the medium term, yielding positive results. The December quarter saw a notable +28.9% increase in Q2 EBITDA compared to the previous year.
While Australia's primary markets, including mining, resources, infrastructure, and commercial construction, exhibited robust demand, the recessionary environment in New Zealand impacted Konnect and Artia New Zealand operations negatively. The strategic focus on specialization and service excellence remains resilient. The ongoing ERP upgrade project aligns with plans, and the outlook involves increasing market share through various measures without providing FY24 guidance due to market uncertainty.
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