Noncore Divestment a Sign of Good Capital Allocation by Narrow-Moat GWA Group
GWA Group reported a steady set of results for first-half fiscal 2018, growing revenue by 2% on the pcp, to AUD 227 million, slightly ahead of underlying market growth of 0.7% and ahead of our full-year forecast. Top line growth benefited from volume and mix, with strong performance from the core Coroma brand and incremental market share gains. Further progress on announced cost reductions led to slight margin expansion, driving EBIT growth of 6% pcp to AUD 42 million, while lower net finance co...
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