A softer July is a worry, but CEO Heath Sharp says there’s a big backlog of renovation work and plumbers can’t keep up.
expects solid demand from home renovators in the United States and Australia to be an important buffer in any broader economic downturn although its sales have already slowed in July.
Reliance lifted prices by 9.5 per cent in 2021-22 to claw back raw material cost inflation in copper, resins and steel, and signalled it was watching carefully to see if any further price hikes would be needed.Finding a good plumber to do a large renovation is still a tough task, and Reliance Worldwide boss Heath Sharp says that’s a good sign for pent-up demand.
Reliance shares slipped 4 per cent to $4.34 by 10.25am AEST in early trading on the ASX on Monday. The stock was above $6 in mid-January. Reliance, built up by Melbourne’s Munz family since the mid-1980s, listed on the ASX inMr Sharp said the company was paying closer attention to overtime and discretionary spending in case trading conditions softened further.
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