KWB Group’s trading brands, Kitchen Connection and Wallspan, operate a network of 26 showrooms across Queensland, NSW, and South Australia. KWB Group is a clear leader in the Kitchen & Wardrobe renovation market, delivering an exceptional consumer experience, for our customers. It is proudly the only Kitchen and Wardrobe renovation company to achieve over 3000 Five Star reviews on Australia’s largest independent consumer review site.
KWB Group’s trading brands, Kitchen Connection and Wallspan, operate a network of 26 showrooms across Queensland, NSW, and South Australia. KWB Group is a clear leader in the Kitchen & Wardrobe renovation market, delivering an exceptional consumer experience, for our customers.
KWB continued to experience robust demand for its kitchen and wardrobe design, build, and installation services. With a focus on maximising revenue through existing assets, outstanding results were achieved, with over 4,300 kitchens and 2,600 wardrobes installed. These efforts translated into improved revenue, reaching a record-breaking $123.4M, a substantial 14% increase from the previous year’s $108.0M.
Against a backdrop of a tight labour market, we took the decision to defer new store openings in financial year 2023. The showroom network underwent several renovations and refurbishments, all of which have contributed to improved customer conversion rates and overall productivity. This program of improvements continues, ensuring facilities remain up to date with a focus on the customer experience.
Despite facing cost increases, the business has effectively managed margins, resulting in strong gross profit during a period of high operational capacity. Prudent cost management combined with significant revenue growth contributed to a record EBIT of $25M, a 31% increase from the 2022 financial year and a record EBIT margin of 20.5%.
Looking ahead to financial year 2024, the current macroeconomic trading conditions are anticipated to continue to pose challenges. A measured response to drive growth and counteract continued macroeconomic trading challenges is planned, including an increase in marketing initiatives and continued tight cost control.
The business remains committed to its growth strategy and will look to seize any potential opportunities within South Australia and Queensland as replacement locations for the closed Windsor showroom and soon-to-be-closed Keswick showroom.
I extend my gratitude to the entire KWB team, whose dedication and hard work have been pivotal to our success and who remain unwavering in our commitment to delivering excellence and growth
John Bourke, KWB Group Managing Director