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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.

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