Friday 14th November 2003
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Shares in the whiteware manufacturer fell 14c after the announcement on Wednesday suggesting investors had hoped for an increased full-year profit forecast.
The company reiterated that it expected a similar trading performance to last year's after tax profit of $73.5 million in light of current market conditions.
UBS analyst David Lane said the result was a good performance in such a competitive market.
The US market was particularly strong with sales up 42% on the previous corresponding period.
"I don't think people are negative on the stock ... it has had a long upside and the result came in as expected."
The company said it would pay an interim dividend of 8.8c a share compared with 34c a share in the same period a year ago. Revenue increased 7.7% to $430.6 million and pretax profit was up 3.9% at $49.4 million.
Last month F&P announced it had bought the finance arm of department store Farmers for $189 million.
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