Skellerup, with shares at 14-month high, is halted pending announcement

Friday 16th April 2010

Skellerup Holdings, the agricultural and rubber goods manufacturer whose shares reached a 14-month high yesterday, was halted pending a material announcement.

The shares closed at 63 cents yesterday, the highest since February last year. The manufacturer reported a 38% drop in earnings at its industrial division in the first half while profit fell 25% in its agricultural unit.

Still, chairman Selwyn Cushing said in February he was optimistic the worst impacts of recession was behind the company and there was "growing confidence that the second half of the current year would see a marked improvement in profitability."

Businesswire.co.nz

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