Skellerup's release strong half-year results

Thursday 17th February 2011

Skellerup Holdings reported a net profit after tax of $9.8 million for the six months to December 2010, almost three times more than the same time the previous year.

The diversified industrial company's net profit after tax for the half year to December 2009 was $3.3million.

Skellerup today reported continuing operations revenue rose 13% to $96.3 million and its agricultural and industrial divisions had both performed well with improved earnings.

Chairman Sir Selwyn Cushing said the results reflected a marked improvement in trading conditions and the benefits from investment in product development during the recession.

Skellerup's industrial products, including vacuum pumps, roof flashing and plumbing products, had been particularly popular with the North American and Australian markets.

While its niche technical polymer products sold well in the European market, he said.

The total shareholder return attributable to the company's 5000 shareholders for the calendar year was 145%.

The directors declared an interim dividend of 2c per share, fully imputed, which will be paid on March 31.

Skellerup expects net profit after tax for the year ending June 2011 to be in the range of $18.5 million to $19.5 million. By the end of trading yesterday, Skellerup shares had eased 1c to 125.

NZPA

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