ABC -7.07%: An inline result on the face of it from the building materials company, however, it was driven largely by their property division which implies the rest of the business had a few headwinds. 2H22 group revenue of $888m helped drive FY22 underlying NPAT of $118m which compared well to consensus of $105m, however, there was no real quantitative guidance given and cost pressures are still bubbling away. They did say that strong product demand in 2023 and price increases should”rebuild resilience and margin”, but that was about as firm as they got. Mark Irwin was appointed CEO from the end of his interim term and will now lead ABC until Oct 2024 at least.
MM prefers JHX for building products exposure
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