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Appliances disappoints market

Duncan Bridgeman

Friday 14th November 2003

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Fisher & Paykel Appliances has kept its profit forecast in place for the current year after posting a 3% lift in net profit to $35 million for the six months ended September.

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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