Half Year 2022 Steel & Tube Holdings Ltd Earnings Call Transcript
Welcome to the Steel & Tube Half Year Results Call. (Operator Instructions) I will now hand the presentation over to the CEO of Steel & Tube, Mark Malpass. Please go ahead.
Welcome, everyone, and thanks for joining us today. On the call is Richard Smyth, our CFO. Today, we'll cover our financial results, our strategic progress over the last 6 months before looking at what we expect for the second half of the financial year.
Moving to the results overview snapshot. Steel & Tube delivered a strong performance in the first half of the financial year with record revenue and earnings. The result has been driven by a couple of factors. Firstly, positive economic activity, driving increased demand for steel across a range of sectors. And secondly, embedded value from the long-term structural changes that we have made that are now delivering sustainable margin improvements.
Profit was $14.3 million for the first 6 months. That's up 253% on the prior comparative period. The Board
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