• Group Sales for H1 FY25 $185.2m ($185.3m H1 FY24)
• Group underlying EBITDA up +0.8% to $9.9m ($9.8m H1 FY24)
• Statutory net loss for the half of -$0.7m (-$0.4m H1 FY24) due to $5.2m ERP project costs

Coventry Group Ltd has reported its H1 FY25 results, with Group Sales of $185.2m, which was flat compared to the prior corresponding period (H1 FY24: $185.3m). Group underlying EBITDA was up 0.8% to $9.9m (H1 FY24: $9.8m), while Group underlying EBIT was flat at $7.8m. The company reported a statutory net loss for the half of -$0.7m, compared to -$0.4m in H1 FY24, with the net profit impacted by $5.2m of costs relating to the ERP project. The Trade Distribution segment saw sales growth of 3.9% to $111.9m and EBITDA growth of 19% to $10.1m, while the Fluid Systems segment saw sales decline of 5.4% to $73.3m and EBITDA decline of 23% to $7.2m. The company's net debt position at 31 December 2024 was $52.9m, higher than planned due to some larger customer payments not received as expected and the balance of the ERP project costs. The company's balance sheet remains strong, with Net Assets of $140.8m and Current Assets exceeding Current Liabilities by $31.5m. The Board has determined not to declare an interim dividend. The company's focus for the remainder of FY25 is on profitable sales growth, with plans for new branch openings, refurbishments, business development, product range expansion and targeted marketing.

The Group operates in multi-billion-dollar fragmented markets and has very modest market shares. With its latest technology ERP platform now fully operational, the number one priority for the Group is profitable sales growth. In order to achieve this, our plans are geared to increasing market share via new branch openings, branch refurbishments, business development, product range expansion and additional targeted marketing.