Rakon ends year at 9% higher than forecast
Media Information: Rakon full year announcement
Auckland: 25 May 2006: Newly-listed Rakon Limited announces a $4.9million audited net surplus after tax, for the year ended 31 March 2006, 9% higher than its forecast.
This is a 65% increase on the previous year surplus of $2.9m.
Rakon Managing Director, Brent Robinson said earnings were slightly higher than forecast due to better than expected sales during the last quarter and the favourable impact of the exchange rate.
Mr. Robinson noted the NZ$ weakened considerably during March benefiting Rakon with it’s primarily US$-denominated revenue base.
There has been an increase in volatility of the key currencies (US$, JPY and NZ$) impacting on Rakon, and as a consequence the Board has elected to increase protection to foreign exchange exposures for the 2007 financial year.
Mr. Robinson confirmed the directors remain comfortable of achieving the March 2007 forecast contained in the offer document and that the capital investment plans are in place with several projects in progress.
An update on forecast operating results and capital investment progress will be given at the AGM scheduled for 1 September 2006.