Cashbuild interim net profit up 41% to R272.55m

Cashbuild on Tuesday, 28 February, reported a 41% rise in net profit to R272.55m in the six months to end-December from the year-earlier period.

The building material retailer typically serves home builders and improvers, contractors and traders.

Revenue was up 15% to R5.17bn, with the recently acquired P&L Hardware accounting for the big chunk (11%) of the revenue growth while 20 new stores accounted for the balance.

"This increase [in revenue] for the period has been achieved in tough trading conditions with selling price inflation of 3%," the company said in a statement.

The small-cap company declared an interim dividend of R5.40 per share, which was up 5% on the year-earlier period.

The stock was up 0.61% to R369.25 in midmorning trade, valuing the company at R9.22bn.

Source: BDpro