This ASX 300 stock just hit a new 52-week high on strong profit growth

This retail stock is defying inflation and booking 25% profit growth in the first half.

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ASX 300 stock PWR Holdings Ltd (ASX: PWH) hit a new 52-week high of $12.20 per share on Thursday.

The retail stock is currently up 11.4% at $12.13 after the auto industry cooling solutions provider released its 1H FY24 results.

Let's check out the report.

ASX 300 stock rises on news of 25% profit growth

The key metrics for the six months to 31 December 2023 are as follows:

What else happened in FY22?

PWR said strong growth in the aerospace and defence segment as well as motorsport programs, along with various cost and operating efficiency improvements, drove its revenue increase in 1H FY24.

Aerospace and defence revenue grew by 124% as the number and size of programs continued to rise.

Motorsport revenue grew by 19% due to increased demand for emerging technologies including micro matrix and cold plates.

What did PWR management say?

Founding shareholder and managing director Kees Weel said:

The half year result reflects a solid performance across all parts of the business and PWR is well prepared to deliver on opportunities in the next few years as we continue to invest in our people, vertical integration, capacity and capability.

What's next for this ASX 300 stock?

PWR released an investor presentation alongside its results today.

Looking ahead, the company said it was "investing now to collect later".

It spent $6 million in capex and increased its workforce by 50 staff to 535 people during the half.

PWR said it intends to expand its aerospace and defence manufacturing capacity in the United States and increase its United Kingdom-based engineering and manufacturing.

In the automotive aftermarket segment, PWR plans to focus on growth in North America and Europe.

Last month, PWR announced the appointment of David Proctor as the new General Manager for North America.

Proctor is a mechanical engineer with significant experience in strategic and innovative manufacturing, engineering, and operations leadership.

ASX 200 stock price snapshot

The PWR share price is up 16.8% over the past 12 months while the ASX 200 is up 4%.

PWR is tracking in line with its sector peers over the period.

The S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) rose by 16.1% over the same time frame.

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended PWR Holdings. The Motley Fool Australia has positions in and has recommended PWR Holdings. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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