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Coventry Group delivers double digit growth in FY18

The company ended FY18 with $5 million in cash and no debt.
hydraulic system in piece of machinery
FY18 revenue grew 11.6% on FY17 which was around $151 million

Coventry Group Ltd (ASX:CYG) has delivered revenue growth of 11.6% for continuing operations in FY18 compared to FY17.

The company is a distributor of industrial products in Australia and New Zealand trading as Cooper Fluid Systems and Trade Distribution.

Examples of the industrial products sold include hydraulic equipment for heavy machinery and fasteners (nuts and bolts).

Coventry noted that market conditions remain positive in its key markets of construction, industrial and resources.

Cooper Fluid Systems growing strongly

Cooper Fluid Systems revenue again showed substantial growth with June quarter sales up 19.4% on the prior corresponding period (pcp).

Sales growth continues to be driven by an increase in service, maintenance, upgrade and new equipment activity in the resources sector.

Reducing costly distribution centre footprint

Trade Distribution Australia continued to show improvement with June quarter sales up 6.1% pcp and full year revenue up 3.5% pcp.

Initiatives to improve business performance focussed on value proposition are continuing by driving profitable sales growth and reducing costs in our distribution centre infrastructure.

Trade Distribution New Zealand continued to perform strongly with June quarter revenue up 16.3% pcp and full year revenue up 14.1% pcp.

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