Vulcan Steel Maintains Resilience Amid Challenging Market Conditions

Vulcan Steel Limited (NZX: VSL) reported a NZ$40 million net profit after tax (NPAT) for FY24, a significant 55% decline from NZ$88 million in FY23. Earnings before interest, tax, depreciation, and amortization (EBITDA) fell 29% to NZ$148 million. Despite these downturns, Vulcan's operating cash flow improved by 16% to NZ$169 million, attributed to disciplined cost and working capital management. The company's net debt was reduced by NZ$64 million to NZ$276 million. CEO Rhys Jones emphasized the challenging business conditions, especially in New Zealand, but noted the 4% growth in active customer accounts and progress in their growth program, positioning the company well for future opportunities. A final dividend of 12.0 NZ cents per share was declared for FY24.

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