Bisalloy Steel Group (ASX:BIS) announced financial results for the full-year ended 30 June 2022.
The principal activity of the Group during the financial year was the manufacture and sale of quenched and tempered, high-tensile, and abrasion resistant steel plates.
Bisalloy has delivered a strong performance in FY22, consolidating the foundations we have put in place to create a stronger and more resilient business.
The Group's net profit for the year after income tax was $15,403,000 (2021: $8,954,000).
The Group has predominately funded the cash paid in dividends from Operating Activities, whilst delivering slightly lower gearing compared to 2021.
The consolidated statement of cash flows details a decrease in cash and cash equivalents before exchange rate differences for the year ended 30 June 2022 of $564,000 (2021: increase of $1,845,000).
The Group's net debt increased to $8.6m at 30 June 2022, up from $7.4m at 30 June 2021, with a decrease in gearing to 12%, down from 13% at the end of the last year.
The last twelve months have been characterised by global and domestic steel prices at or near record levels with continued strong Australian demand for quench and tempered steel plate.
Despite impacts from Covid-19 lock-downs and tightening market conditions, we continue to see solid performance from the CJV, in particular a 23.1% increase in Bisplate sales tonnes compared to FY2021.
The Group's overseas distribution operations in Indonesia and Thailand continue to be profitable.
Our Armour business continues to be of importance both domestically and internationally.
Throughout the recent macroeconomic and geopolitical volatility, Bisalloy has continued to demonstrate strength and resilience in its business performance.
Following the announcement the company?s share price fell 3.524%