Coventry Group Ltd (ASX: CYG) released a trading update for Q1 FY24, reporting robust performance. Group sales reached AU$94.606 million, a 6.1% increase from the previous year, while unaudited EBITDA stood at AU$5.446 million, marking a 10.8% rise. Robert Bulluss, the Group's CEO, expressed satisfaction with the strong sales and EBITDA growth. Their strategic initiatives, focusing on specialization and service excellence, are resilient, with early positive outcomes visible.
These efforts, initiated at the start of the fiscal year, began showing results in September, with a 26.7% increase in EBITDA compared to the prior year. Despite challenges in the New Zealand market, especially in Konnect and Artia businesses due to economic downturn and exposure to residential construction, Coventry Group anticipates strengthening its position as competitors exit. Positive economic indicators, such as record immigration rates, are fostering optimism for continued growth.
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
Nov 21, 2024
Nov 21, 2024
Nov 21, 2024
Nov 21, 2024
Nov 21, 2024
Nov 21, 2024
Nov 21, 2024
Nov 21, 2024
Nov 20, 2024
Nov 20, 2024
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.
