Reliance Worldwide (ASX:RWC) delivers a 111% rise in net profit for FY21

Global plumbing and heating specialist Reliance Worldwide Corporation (ASX:RWC), posted a record year in revenue and earnings, for the period ending 30 Jun 2021 (FY21).

The water flow manufacturer recorded net sales of $1,340.8 million, up 15 per cent from the prior year, following continued strength of repair and remodel activity across key markets, increased new residential home building activity and the impact of the winter freeze event in the US.

Earnings before interest, taxes, depreciation and amortisation reached $340.7 million, up 56 per cent from the prior year and net profit after tax reached $188.2 million, up 111 per cent from the prior year.

Reliance delivered cost reduction savings of $22.3 million for the year, on target for $25 million in annualised cost savings on a run rate basis.

Final dividend of 7 cents per share was recorded, taking the total dividend for FY21 to 13 cents per share. 

Due to the uncertainty surrounding market demand and potential impacts of further Covid-19 outbreaks, Reliance has not provided earnings guidance for FY22.

Shares in Reliance Worldwide Cooperation (ASX:RWC) are trading 2.36 per cent higher at $6.08.
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