CAVALIER CORPORATION FULL YEAR RESULTS ANNOUNCEMENT
For the 12 months ended 30 June 2020:
The key outcome for the year was the announcement of Cavalier’s new transformational strategy to become a sustainable, interior solutions business.
The FY20 preliminary results reflect the re-setting of the organisation as Cavalier commences its pivot, as well as the softening trading conditions noted in 1H20, which were further exacerbated by the COVID-19 pandemic in 2H20.
Revenue was $118.0m, down 13% on the prior year, due to the softer trading conditions reported in 1H20 and the impact of COVID-19 restrictions and the lockdown in New Zealand in April 2020.
Statutory NLAT of $(21.5)m, with normalised NLAT1 of $(3.5)m excluding non-trading adjustments.
Normalised EBITDA1 was $2.3m, excluding non-trading adjustments of $(11.2)m pre-tax primarily related to the strategic change and company re-set.
Net debt reduced to $14.5m as at end of June and has further reduced since year-end to $7.2m as at end-August 2020.
Since year-end, shareholders have approved the sale and leaseback of the Auckland property which will support the execution of the new strategy.
FY21 sales volumes to date have been stronger than anticipated with increasing sales of wool carpets.
Cavalier Corporation Limited (NZX: CAV) has today released its unaudited preliminary results for the twelve months to 30 June 2020.
The FY20 results reflect the re-setting of the company as it commences its new strategy and transformation, as well as the softening trading conditions noted in 1H20, which were further exacerbated by the COVID-19 pandemic in 2H20.
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