ASX-listed home appliance maker, Breville, has reported a 25.3% jump in full-year revenue, despite the tumultuous landscape of COVID19 and overseas political uncertainty.
Full-year net profit after tax slipped 1.8% to $66.2 million, whilst EBITDA jumped 11% to $126.5 million.
Revenue climbed 25.3% year-on-year to $952.2 million.
In term of global product segment revenue growth, the ANZ region notched an 18.3% increase [constant currency] to $157.4 million.
Breville’s “strong performance” came in line with initial expectations, with 2H growth matching 1H growth – propelled by work-from-home demand for home appliances during lockdown restrictions.
“We emerge from fiscal year with momentum and a hardened foundation to build upon over the next five years,” states Chief Executive, Jim Clayton.
“In FY20 we faced a cluster of headwinds in the form of Brexit uncertainty, exchange rates, US tariffs and COVID-19 and equally we had our share of good fortune in terms of our inventory levels and the relevance of our products to the ‘new normal’.”
In the face of COVID19, the group “aggressively” cut back expenses in Q4 to retain jobs and accrue an expense buffer.
Cuts included temporary compensation reductions, including directors’ fees and base salary (10% – 40%), and suspension of FY20 short-term incentive program.
None of these savings (together worth $7.7 million) are planned to repeat in FY21.
Net cash as at June 30 2020 sat at $128.5 million, up from $9.8 million the same time last year. It follows proceeds of a $100.7 million capital raise completed in June.
The company declared a final dividend of 20.5 cents per share (60% franked), bringing total dividends for the year to 41 cents per share.
