House-proud and homebound: Reliance Worldwide cashes in on home reno boom
Plumbing supplies and fixtures supplier Reliance Worldwide has booked a currency-adjusted 17% increase in half-yearly sales as homeowners in Australia and the USA spruce up their kitchens and bathrooms.
In the absence of any overseas travel, homeowners are pouring cash into back into their homes amid a global boom in restorations and renovations.
Phil King, Reliance Worldwide’s Director of Investor Relations, says the company has benefited from generous financial support schemes like the $2 billion HomeBuilder grant program.
“We’ve seen apartment construction reduce in volume but we’ve also seen standalone housing pick up over the last six to nine months,” Mr King said.
“Before that, we were a little gloomy on the outlook for Australian new housing construction… and the surge in standalone housing construction has been a very positive thing for us.
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