New Zealand industrial products group Steel & Tube Holdings reported a statutory after-tax loss of NZD 61.2 million for the year ended March 31, 2026, as impairments and non-trading adjustments outweighed improved operating performance.
Revenue rose 13.9% year-on-year to NZD 395.8 million, while normalized EBITDA increased 376% to NZD 9.9 million from NZD 2.1 million a year earlier. Normalized EBIT advanced 23.7% to NZD 7.4 million, with second-half earnings 40% higher than the first half. Volumes climbed 15.9% over the same period.
The loss was driven by NZD 51.9 million in impairments and NZD 3.8 million in other non-trading adjustments, including restructuring costs. Net operating cash flow totaled NZD 12.7 million, while capital expenditure reached NZD 7 million, two-thirds of which was maintenance spending. Net debt stood at approximately NZD 48 million at year-end.
Steel & Tube’s reinforcing and wire business posted a normalized EBIT loss of NZD 7.5 million for FY26, including its share of a corporate levy. The company is exiting the segment, with an early agreement for asset sales valued at NZD 11-12 million pending Commerce Commission and other approvals. Management also plans to exit seven smaller sites over the next 12 months, targeting annualized cash savings of NZD 2 million by FY28, alongside exploration of two larger site exits.
The group’s banking facility with ANZ was renewed for an additional year until September 2027, while mergers and acquisitions, capital spending, and dividends remain on hold. A further NZD 6 million cost-saving program is underway, expected to deliver NZD 3 million in annual operating expense benefits from FY27.
Chief Executive Mark Malpass cited three consecutive recessionary years in New Zealand, noting the downturn has persisted longer than anticipated. He added that normalized EBIT growth of 23.7% and a 40% second-half improvement over the first half reflected the success of recent operational changes. The company’s share price last traded at NZD 0.40, down 3.7% on the day, with a 52-week range of NZD 0.325 to NZD 0.73.
