KWB Group’s trading brands, Kitchen Connection and Wallspan, operate a network of 27 showrooms across Queensland, NSW, and South Australia, establishing the group as a clear leader in the Kitchen & Wardrobe renovation market. KWB Group is dedicated to delivering an exceptional consumer experience, a commitment reflected in its achievement of over 4,000 5-star customer reviews[1] on Australia’s largest independent consumer review website.
The past year presented a challenging landscape for the renovation industry, with consumers increasingly focused on discretionary spending. However, KWB remained resilient, demonstrating its strong customer loyalty and the strength of its brand. Customers continued to invest in upgrading their kitchens and adding value to their homes, demonstrating the ongoing demand for “do it for me” kitchen and wardrobe renovations.
KWB generated $[114.2] million in orders for FY24, a slight increase compared to $110.7 million in the previous year while revenue reached $[121.3] million, marginally lower than FY23, KWB achieved a comparable EBIT of $[25.2] million due to improved margins driven by effective price management and strong cost control.
During the year, KWB successfully transitioned to safer alternative benchtop materials ahead of the ban on engineered crystalline silica stone benchtops, which became effective on 1 July 2024. This transition was implemented with minimal disruption to showrooms and sales, expanding our benchtop range to provide customers with more options at a range of price points. KWB remains committed to monitoring all suppliers to ensure they comply with relevant health and safety standards.
Looking ahead, we are excited about the continued expansion of our KWB network and the recommencement of our growth strategy. In July 2024, KWB opened a new Kitchen Connection store in Alexandria, Sydney, re-establishing our footprint growth and positioning the business for increased future orders.
A new flagship showroom at Bundall in Gold Coast, Queensland opened in September 2024 and plans are also in place for further Sydney store openings and other tier one locations.
I would like to express my sincere gratitude to the entire KWB team for their dedication and hard work, which have been instrumental in our success. We are committed to delivering excellence and growth for the benefit of our customers, our employees, and our stakeholders.
John Bourke, KWB Group Managing Director