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

 

Methven confirms recovery with 21% gain in 1H profit

Methven confirms earnings recovery with 21% gain in first-half profit

Oct. 15 (BusinessDesk) – Methven, the tapware maker, has confirmed the earnings recovery it flagged in July, posting a 21 percent jump in first-half profit on a pickup in trading in New Zealand and the UK.

Profit rose to $2.8 million in the six months ended Sept. 30 from $2.3 million a year earlier, the Auckland-based company said in a statement. It didn’t provide sales figures in its market update, which comes ahead of its official earnings release.

Methven shares jumped about 5 percent to $1.48 on the news. The manufacturer cut net debt by 25 percent to $14.4 million from a year earlier and down 16 percent from March.

The return of the UK business to a positive first half EBITDA, 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,” chief executive Rick Fala said.

“We are pleased with the improvement in our business performance and are confident we can maintain this positive momentum into the second half,” he said.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Skodafone Goneski: Sky TV, Vodafone Drop $3.44 Billion Merger Plan

Sky Network Television and Vodafone New Zealand have terminated their merger agreement which aimed to create the country's largest telecommunications and media group, and have withdrawn an appeal against the Commerce Commission's rejection of the plan. More>>

Quake Insurance: Reforms To EQC Act Announced

· Increasing the monetary cap from $100,000 (plus GST) to $150,000 (plus GST) for EQC building cover.
· Clarifying EQC land cover is for natural disaster damage that directly affects the insured residence or access to it... More>>

ALSO:

Reserve Bank: Official Cash Rate Unchanged At 1.75 Percent

Global economic growth has increased and become more broad-based. However, major challenges remain with on-going surplus capacity and extensive political uncertainty... More>>

Kaikōura Earthquake: Private Insurers Receive $1.8b Claims

Insurance Council Chief Executive Tim Grafton said most is for commercial loss at $1.36 billion, with residential claims amounting to over $460 million. “...We have a high level of confidence that most people will have received settlement offers by the end of this year." More>>

ALSO:

Forms And Data: New Proposals To Simplify Personal Income Tax

The Government is proposing to make tax simpler for individuals, with people whose only income is from a salary, wages or investments no longer being required to file tax returns to receive tax refunds or to calculate any additional tax. More>>