Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Methven: Strong Lift In 1st Half Profit

Methven: Strong Lift In 1st Half Profit

1 EBITDA is earnings before interest, taxation, depreciation, amortisation, non-operating foreign exchange gain/(loss) and inter-segmental charges. NZX Statement 15 October, 2013 Methven - Strong Lift in 1st Half Profit

The first half NPAT for 2013/14 is a significant improvement on prior year up 21% to $2.8 million. Excluding the one-off costs relating to the acquisition of premium Chinese tapware manufacturer, Invention Sanitary, underling NPAT was up a healthy 36% on the prior year.

EBITDA1 excluding the one-off acquisition costs was up 13% on the prior year to $6.6 million notwithstanding unfavourable currency movements.

Half year Net Debt was down 25% on prior year to $14.4 million and was also down 16% on March 2013 year end.

The return of the UK business to a positive first half EBITDA1, from a loss in the prior year, and improving trading conditions in New Zealand, have been the main reasons for the substantially improved results to last year.

“We are pleased with the improvement in our business performance and are confident we can maintain this positive momentum into the 2nd half”, said Group CEO Rick Fala.

- ends -

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news