A buoyant first half has built up Steel & Tube's profit by 35 per cent, as the acquisition of the Australasian division of one of the world's largest steel producers begins to add its polish.
The Wellington-based construction materials supplier's net profit for the six months to December 31 was $10.8 million, it said today. That was built on a 22 per cent revenue increase to $258.2m, reflecting the contribution of its April acquisition of S&T Stainless, formerly the local division of Tata Steel.
"The acquisition of the company now trading as S&T Stainless has enhanced our nationwide footprint of 48 distribution and processing centres, and created a strong platform from which we can support the unique needs of local businesses and the sectors they serve," the company said.
Steel & Tube said it was in line to meet last year's forecast of $500m in revenue this year