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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Oceans: NOAA Declares Third Ever Global Coral Bleaching Event

As record ocean temperatures cause widespread coral bleaching across Hawaii, NOAA scientists confirm the same stressful conditions are expanding to the Caribbean and may last into the new year, prompting the declaration of the third global coral bleaching event ever on record. More>>

Scoop Business: A Decade Of Government Pre-Seed Investment

More publicly-funded science is being commercialised after a decade of government ‘pre-see’d investment, according to an independent review. More>>


Solid Energy: Plan To Shut Unprofitable Huntly East Mine

Solid Energy, the state-owned coal miner in voluntary administration, plans to shut down its unprofitable Huntly East mine and lay off 65 staff after deciding the site stands "no chance whatsoever" of finding a buyer. More>>


E Tū: Merger Creates NZ's Biggest Private Sector Union

E tū has been created by the merger of the Engineering, Printing and Manufacturing Union and Service and Food Workers’ Union. It represents more than 50,000 working New Zealanders in industries as diverse as aviation, construction, journalism, food manufacturing, mining and cleaning. More>>


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news