Shares of Reliance Worldwide (ASX:RWC) have taken a significant hit, slipping as much as 7.8% to A$3.91.

This marks their steepest intraday percent fall since October 25, 2022.

The plumbing products and services firm reported a FY23 adjusted net profit after tax of $155.7 million, a decrease by 4% from the previous year.

Reliance Worldwide (ASX:RWC) forecasts its revenue to decrease by low single-digit percentage points in FY24, in comparison to FY23 levels.

Additionally, the management anticipates FY24 first-half operating margins to dwindle due to inventory reduction efforts.

The company has announced a final dividend of 5 cents per share, unchanged from its level a year earlier.

The stock has reached its nadir since July 24, yet, ended being up 43.2% YTD, as of its last closing day.

Reliance Worldwide (ASX:RWC) is a firm specializing in plumbing products and services.