Thursday 30th October 2008
|Text too small?|
Net income rose to NZ$4.96 million, or 7.45 cents a share, in the six months ended September 30, from NZ$3.84 million, or 5.76 cents a year earlier, the company said in a statement. Sales soared 66% to NZ$71.8 million.
Methven acquired Deva Tapware in September 2007 for NZ$59 million, increasing its geographic spread of sales and providing a buffer from slowing revenue at home. The shares rose 1.5% to NZ$1.32 today and have fallen 36% this year.
"We're now seeing the true benefit of an international spread of markets," chief executive Rick Fala said. "That has allowed Methven to cushion the effect of a slowing New Zealand economy with continued growth in Australia and a reasonable result in the UK, considering the market's weakness."
The company is "well equipped" to maintain profit growth, he said.
In the UK, Methven had ebitda of NZ$3.3 million on revenue of NZ$29.5 million, meeting the company's target.
Australian earnings rose 30% to NZ$1.7 million, while New Zealand earnings fell 8.6% to NZ$6.1 million. The company's US unit posted a NZ$500,000 loss.
Methven raised its first-half dividend to 6.25 cents a share from 5.7 cents.
No comments yet
Methven confirms earnings recovery with 21 percent gain in first-half profit
First NZ raises target price on Methven on earnings growth from Chinese acquisition
Methven expects revenue, profit growth this year after a decline in 2013
Methven agrees to buy Chinese manufacturer to improve margins, profits
Methven FY profit falls 20 percent on weak Australian market, still mum on acquisition
Methven says FY profit fell about 21 percent on weak Australian trading
Methven profit down on weak Australian trading, acquisition costs
Methven first-half profit falls 27%, missing target, on unprofitable UK unit
Methven links hikes in directors' fees to meeting profit growth targets