Coventry has strong result

COVENTRY Group, involved in distribution of automotive parts and industrial products as well as manufacturing of bitumen and gaskets, posted a net profit result of $9.7 million that was up 33 per cent on the same period last year. However, net profit before tax and significant items was down 18 per cent to $8.8 million.

Operating revenue was up 10 per cent to $239.6 million.

In line with this, an interim dividend of 18 cents per share will be paid to shareholders, an increase of 12 per cent.

Commenting on the results, chief executive Chris Glenn said the first half was impacted by one-off items associated with Coventry Auto Parts division and difficult trading conditions in December across both major divisions.

Coventry predicts a stronger performance for the second half as conditions in January were stronger than December, a trend expected to continue.