❑ Like for like sales revenue increased 14%, with now six consecutive quarters of accelerated revenue growth
Financial
❑ Underlying EBITDA of $21.5m, an increase of 115% on the 1H21
Results
❑ Underlying NPAT increased by $6.7m or 204% to $9.9m
only
❑ Working capital to sales ratio was solid at 17.6%, albeit slightly elevated on higher inventory holdings
❑ Cash conversion at 73%, a sound result given the higher inventory investments
❑ Revenue growth achieved across all geographic markets, with the strongest growth seen in QLD and South Australia
Operating
❑ Continued gross margin expansion, with improved product mix and disciplined ability to pass through cost increases
▪ 1H22 gross margin up 200bps versus 1H21(1)
Highlights
use
❑ Despite significant supply chain challenges in 1H22, inventory levels increased to ensure stock availability and secure
strategic market advantage, helping deliver the significant profitability uplift
❑ Implemented a new 3-year strategic growth plan and modified reporting structures to achieve enhanced focus and
ersonal
strategy execution
❑ Completed acquisitions of United Building Products in The Illawarra and Revolution Wood Panels in Brisbane
Strategic
I itiatives
▪ This adds pro forma revenue of circa $40m per annum
❑ Plywood consolidation project progressing well, with all Wagga operations ceased and staff redundancies finalised
▪ Sale process of the Wagga Land & Buildings commencing in 2H22
(1) In 1H22, direct labour from manufacturing operations is included in "Raw materials" resulting in a gross margin of 26.5%, an increase of 200bps on 1H21.
Wh n calculated on a like-for-like basis, the prior period (1H21) gross margin is 24.5%. In 1H21, $5.0m of direct labour from manufacturing operations was
r corded in the statement of profit or loss as an "Employee benefits expense".
5
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Big River Industries Ltd. published this content on 24 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 February 2022 22:06:43 UTC.
Big River Industries Limited is a diverse manufacturer and distributor of timber and building products. The Companyâs principal activities include the manufacture of veneer, plywood and formply, and the distribution of building supplies. Its segments include Panels and Construction. The Panels segment comprises three manufacturing and six distribution sites of timber panel products in Australia and New Zealand. The Construction segment is comprised of 17 sites which sell building, commercial and formwork products in Australia. It is an integrated Australian timber products business that operates across the full continuum from procurement of raw materials through to sale of finished products to end users. It is a manufacturer of softwood and hardwood formply and structural plywood products in Australia. It also sells consumable formwork products in Australia. It is a national merchant of timber and associated building products to local trade, medium-sized and enterprise-sized companies.
BIG RIVER INDUSTRIES LIMITED 
