Reliance Worldwide (RWC) +6.59%: The manufacturer of plumbing goods was higher today on the back of some strong preliminary half year figures. They expect EBTIDA to come in at least 30% better than 1H20 to come in at $164m-$167m thanks to a big turnaround in demand driving operational leverage that was boosted by cost saving measures implemented in early 2020. Sales in the Americas was the standout, rising 16% on both repair and remodel demand strength. Reliance looks set to continue to see the benefit through the 2nd half as stimulus measures drive construction though the company warned against extrapolating these numbers. The strong AUD will also weigh on any earnings benefit seen overseas as will the rising copper price. We prefer others in the space.
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Thursday 28th March – ASX200 +80pts, All Time High, Retail Sales
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