Endeavour (ASX:EDV) reports flat group sales in FY22; shares tumble

2 min read | August 23, 2022 02:02 PM AEST | By Ritwika

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Endeavour (ASX:EDV) reports flat group sales in FY22; shares tumble — Image source: © Lovelyday12 | Megapixl.com

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Highlights:

Endeavour Group, in its FY22 financial results, has reported AU$11.6 billion of group sales, flat year-on-year.

However, the company informed its net profit rose 11.2%, group EBIT gained 2.8%.

Endeavour also declared to pay 7.7 cents per share as final dividend, 10% up on FY21.

Australian retail business Endeavour Group Limited (ASX:EDV) shared its fully audited financial results for FY22 ended on 30 June 2022 on the ASX today. The company believes that it has delivered ‘strong’ results despite facing several challenges in the last financial year.

However, Endeavour’s shares began trading in the red territory on the ASX as the trading opened. At 1:27 PM AEST, Endeavour’s share price was quoted at AU$7.310 per share, down 11.608% on the ASX today (23 August).

Summary of Endeavour’s financial performance in FY22:

Endeavour’s Earnings Before Interest & Tax (EBIT) in FY22 rose AU$924 million in FY22, up 2.8% from the EBIT delivered in the previous corresponding period (FY21).
In the given period, Endeavour reported a gain in its Group Net Profit After Tax (NPAT) by 11.2% to AU$495 million compared to the previous corresponding period.
Endeavour Group’s sales was flat this year compared to FY21, and it stood at AU$11.6 billion.
The company’s Earnings per share (EPS) rose 11.3% in FY22 to 27.6 Australian cents compared to FY21.
The company’s finance costs came down by AU$42 million in FY22 to AU$205 million due to a favourable change in interest rates as the company converted its funding from related parties to external debt on demerger.

What did the management say?

Endeavour’s dividend distribution plan:

The board of Endeavour Group has declared to pay a fully franked final dividend worth 7.7 Australian cents per share to its eligible shareholders, based on the company’s earnings in FY22. The final dividend amount represents a full-year payout of a ratio of 73.1%. As a result, the company is expected to pay a final dividend worth AU$138 million to its shareholders.

The company is expected to turn ex-dividend on 31 August 2022 and might pay the dividend to its shareholder on 16 September 2022.

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