Friday 14th December 2018
|Text too small?|
Trading in Methven shares has been halted pending the announcement of a material transaction.
The shares last traded at $1.15, valuing the tapware maker at $84.5 million. They've gained 4.6 percent so far this year, compared to a 1.1 percent increase in the NZX All Index over the same period. The halt will be lifted once the announcement's made or before the NZX opens on Monday, a notice to the stock exchange said.
At its October annual meeting, Methven said the new financial year had started well with first-quarter sales up 6 percent, due largely to strong growth from international sales in Britain and China. It's forecasting net profit to rise at least 10 percent in the year ending June 30, from the $6.6 million reported this year.
Methven has been overhauling its New Zealand business and plans to add manufacturing capability to its domestic factory to support its Australasian businesses.
It's also indicated an intention to accelerate international growth, especially in China, to create a fourth leg to the business.
Methven attracted a deep-pocketed investor earlier this year, when Sistema millionaire Brendan Lindsay increased his stake to just under 20 percent. Lindsay sold his plastics container business for $660 million in 2016.
No comments yet
MARKET CLOSE: NZ shares follow Asian markets higher on renewed hopes for China-US resolution
Housing Ministry head hints he acted against departed KiwiBuild head Stephen Barclay
NZ dollar heading for 1% weekly slide as outlook weakens
Currency frozen in multi-million dollar Cryptopia theft
NZ manufacturing activity hits highest level since April
Tilt affirms guidance; Dec qtr production misses long-term expectations
NZ dollar extends slide as Philly Fed lifts sentiment in US
January 18th Morning Report
MARKET CLOSE: NZ shares get further lift from positive offshore markets
NZ dollar extends decline amid mixed data