Coventry Group’s Revenue and Profits Soar in FY24

Coventry Group Limited (AU:CYG) has released an update.

Coventry Group Limited has reported a robust financial outcome for FY24, with revenue climbing to $370.8 million, a 3.4% increase from the previous year, alongside a significant rise in EBIT and EBITDA, which surged by 26.9% and 22.4% respectively. Despite these strong earnings, the company faced a net debt increase due to major investments in an ERP upgrade, the Steelmasters acquisition, and capital expenditures. The company’s overall net assets also grew substantially, reaching $143.1 million from the prior year’s $113.0 million.

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