Reece Group loads up on bathtubs to blunt shipping strife

Simon EvansSenior reporter

Aug 24, 2021 – 5.05pm

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Key Points

Revenue ($b): $6.3, up 3.8pc
Pre-tax profit ($m): 380.3, up 21.7pc
Net profit ($m): 286, up 25pc
Dividend (¢): 12

Bathroom and plumbing supplies company Reece Group has bolstered its stock levels by about 20 per cent compared with the usual amount it carries to try to prevent shortages stemming from the increasing chaos in international shipping channels caused by COVID-19 as some Chinese ports temporarily shut.

Chief executive Peter Wilson said the company had been scrambling to keep up with demand, although the lockdowns in Sydney and Melbourne in the past few weeks had been a substantial handbrake on growth rates in the short term.