By Stuart Condie

SYDNEY--Plumbing-parts manufacturer Reece Ltd. raised its interim dividend after a 14% increase in first-half earnings that it said was driven by strong customer demand.

The Australian company on Thursday reported normalized earnings before interest, tax, depreciation and amortization for the six months through December of 397 million Australian dollars (US$287.2 million), compared with A$349 million a year earlier.

The board raised its dividend to 7.5 Australian cents from 6.0 Australian cents a year ago.

On a statutory basis, Reece's net profit rose 28% to A$157.1 million. Revenue jumped 17% to A$3.60 billion and Reece said it is optimistic about revenue drivers through the second half of its 2022 fiscal year.

Reece shares closed 5.15% lower at A$19.17. The S&P/ASX 200 fell 3.0%.


Write to Stuart Condie at stuart.condie@wsj.com


(END) Dow Jones Newswires

02-24-22 0106ET