Coventry Earnings Down

Jason Sandefur

Western Australia-based Coventry Group reported strong demand for fasteners from infrastructure projects, the mining industry and construction pushed industrial segment earnings up 7% to $17 million during fiscal 2005. However, overall earnings slipped 4% to $23.6 million due to poor performance by its auto parts division.
Coventry managing director Chris Glenn told the West Australian he expected a significant turnaround in the automotive business this year following extensive restructuring. Glenn named former Bunnings boss Don Beisley to head the auto parts division, which has seen all of its senior management replaced. “We are not going to say we will get it to profit but it will make a big improvement,” Glenn promised.
Glenn said Coventry should improve its group operating profit this year, despite strong price pressures in all sectors. Web: coventrys.com.au/coventry �2005 FastenerNews.com