Nick Scali Limited announced its 1HFY23 result ended 31 December 2022

Nick Scali Limited (ASX: NCK) announced an EBIT of AU$91.2 million and a net profit after tax of AU$60.6 million for the half-year that ended 31 December 2022. Due to the substantial outstanding order book on 30 June 2022, record deliveries resulted in 1HFY23 revenue of AU$283.9 million, 57.4% higher than H1 FY22.

The company's gross margin of 62.0% increased by 2.5% compared to the 2HFY22 group's gross margin of 59.5%. The company's operating expenses as a share of sales increased by 2.9% to 32.3%. Compared to Plush's pre-acquisition cost of doing business, synergy savings of AU$20 million per year have now been realised. Compared to 1HFY22, net profit after tax grew by 70.2% to AU$60.6 million.

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