Brisbane based GWA posted a 69 per cent fall in net interim profit to $23 million from $75 million for the same period in 2018.

The bathroom and kitchen fixture company said its cost management and integration activities helped to offset a significant decline in revenue from weaker market conditions and retailer de-stocking.

The interim dividend was pared back from 9c a share in 2018 to 8c, fully franked.

Managing director Tim Salt said the company performed solidly considering the weaker housing market in Australia and had achieved a result in line with guidance.

“The business continues to demonstrate its resilience in the face of challenging market conditions,” he said.

“We continue to invest in key initiatives to capitalise on the expected upturn in Australian market conditions in early 2021.”

Salt said trading conditions were expected to remain challenging in the short term but population growth, low interest rates, easier access to credit and housing supply moving back into balance were expected to provide a strong platform for growth.

It has maintained its full-year profit guidance of $80 to $85 million.

GWA’s commercial order bank was strong and cost savings were above budget.

GWA bought Mehven in April 2019 but said despite this its debt increased only marginally to $156.6 million.

Salt said the integration of Methven was progressing well.