Australia's Reliance Worldwide falls most in 9 months on soft outlook

Reliance Worldwide

21/08/2023 01:51

** Shares of Reliance Worldwide Corp  RWC.AX  slide as much
as 7.8% to A$3.91, marking their biggest intraday pct fall since
Oct 25, 2022 
    ** The plumbing products and services firm posts FY23
adjusted net profit after tax of $155.7 mln, down 4% from a year
earlier
    ** RWC expects its revenue to be down by low single-digit
percentage points in FY24, compared with FY23 levels
    ** Adds it expects FY24 first-half operating margins to be
lower due to inventory reduction initiatives
    ** Co declares final dividend of 5 cents per share, in line
with a year-ago levels
    ** Stock hits lowest level since July 24
    ** Stock up 43.2% YTD, as of last close
    

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))