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FPH Reports Half Year Profit Up 18%

News Release


Fisher & Paykel Healthcare Reports Half Year Profit Up 18%

Auckland, New Zealand, 22 November 2012 - Fisher & Paykel Healthcare Corporation Limited (NZSX:FPH, ASX:FPH) today reported net profit after tax of NZ$33.3 million for the six months ended 30 September 2012, an increase of 18% compared to the first half last year. In constant currency terms, the company’s operating profit grew 46%, primarily as a result of revenue growth, improved gross margins and operating efficiencies.

Operating revenue Operating revenue was a record NZ$266.9 million, which was 6% above the same period last year, or 8% growth in constant currency terms.

The company’s respiratory and acute care (RAC) product group operating revenue increased by 11% and obstructive sleep apnea (OSA) product group revenue increased by 3% in constant currency terms.

“Strong growth in our RAC product group was driven by ongoing growth in acceptance of our respiratory humidification systems which assist to improve patient care in a wide range of applications, including invasive ventilation, non-invasive ventilation, oxygen therapy and humidity therapy”, commented Fisher & Paykel Healthcare’s CEO, Mr Michael Daniell. “Growth in revenue from new applications beyond invasive ventilation was particularly encouraging, with consumables revenue from those increasing 20% in constant currency.

“In our OSA product group, revenue for our mask range grew 5% in constant currency terms, reflecting a ramp-up in growth during the half following the introduction of our new Pilairo nasal pillows and Eson nasal masks. Customer response to both masks has been very positive, with constant currency mask revenue growth of 11% in the second quarter. Revenue for our ICON flow generator range grew 5% in constant currency over the first half last year, offset by the expected decline in revenue from our legacy SleepStyle range.”

The company’s directors have approved an interim dividend for the financial year ending 31 March 2013 of 5.4 NZ cents per ordinary share (2012: 5.4 cents), carrying full imputation. For New Zealand resident shareholders that equates to a gross dividend of 7.5 cents per ordinary share. Eligible non-resident shareholders will receive a supplementary dividend of 0.953 NZ cents per ordinary share. The interim dividend will be paid on 14 December 2012, with a record date of 30 November 2012 and ex-dividend dates of 26 November 2012 for the ASX and 28 November 2012 for the NZSX.

The company offers a dividend reinvestment plan (DRP), under which eligible shareholders may elect to reinvest all or part of their cash dividends in additional shares. A 3% discount will be applied when determining the price per share of shares issued under the DRP and will be applied in respect of the 2013 interim dividend and future dividends, until such time as the directors determine otherwise.

Click here to read the full Report: FPH_FY2013_Half_Year_Release.pdf


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