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Endeavour Group posts $445m net profit

Endeavour Group, now demerged from Woolworths Group, has posted a net profit of $445 million through the pandemic in this financial year.

The shift to at-home consumption of alcoholic beverages through the pandemic has helped counter the effects of closed hospitality venues from extensive lockdowns in many states.

Through the COVID-19 pandemic, Endeavour Group has focussed more on its online platforms and their reach along with its click-and-collect services in order to remain relevant to consumers.

Endeavour Group has posted its first results on the ASX, revealing group sales of over $11 billion, which is up 9.3 per cent on previous figures for the recently independently trading group.

The company declared its first ever dividend, of 7 cents per share, payable on 22 September. Both liquor outlets and pubs managed to grow sales through the pandemic.

The lockdowns since July had crimped that growth however. For the first two months of fiscal 2022 sales at its retail arm fell 1.7 per cent while hotels were down 7.3 per cent on the same period last year and weaker by 36.2 per cent against the trading for 2020.

 

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