The Coventry Group Ltd (ASX: CYG) share price has popped up 5.83% at the time of writing and is currently trading at $1.09.
The bounce follows Coventry's release of its half-year results for the period ended 31 December (1H21).
Let's take a look at how Coventry has been performing.
Coventry Group financial highlights
Coventry's 1H21 revenue was up 12% compared to the prior corresponding period (pcp). Revenue for the period rang in at $137.8 million versus $122.6 million for 1H20.
The group reported a net profit after tax (NPAT) of $2.3 million, which was a bump up from the $2 million posted in the pcp.
Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) was $7 million, a 74.5% jump from $4 million in 1H20.
Group underlying earnings before interest and taxes (EBIT) came in at $5.7 million, popping up from $2.6 million for 1H20.
1H21 earnings per share (EPS) was 2.5 cents per share compared to the 1H20 EPS of 2.3 cents.
Including acquisitions, Coventry Group posted a 1H21 sales boost of 12.5%.
The company reported $103.8 million of total current assets at the end of 1H20, slightly up from $100.2 million held at the end of 1H21.
Acquisitions and future financing
On 1 December 2020, Coventry Group acquired H.I.S Hose Pty Ltd. For the 1-month period from 1 December 2020 to 31 December 2020, the acquired business contributed $802,000 of revenues and a net profit of $19,000 to the group.
Subject to final documentation, the business has entered a new 3-year financing arrangement with National Australia Bank Ltd (ASX: NAB). The deal includes a 3-year $45 million borrowing base facility and a $5 million senior secured ancillary facility.
Because of the uncertainties associated with the coronavirus, the company did not provide full-year guidance.
Coventry Group share price snapshot
Coventry Group is a distributor of industrial supply products such as fasteners, fluid hydraulics and cabinet hardware.
Over the past 6 months, the Coventry Group share price has zoomed up 37.3%.
The company's market capitalisation is presently $92.7 million and there are 90 million shares outstanding.
