Reliance turns on the profit tap

On Monday water control solutions and plumbing manufacturer Reliance Worldwide Corporation (ASX: RWC) announced its maiden results since listing in April this year. The company reported net sales of $534.4 million, up 18% on FY15. Shares in Reliance closed down 7.4% for the week. We like Reliance as its current product suite is delivering double-digit growth and we believe its newly trademarked product EvoPEX will greatly streamline new home installation by replacing skilled labour. We own Reliance as a research-driven investment in WAM Leaders.