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

 


Methven cuts guidance as ‘soft’ trading conditions endure

Methven cuts guidance as ‘soft’ trading conditions endure; shares drop

March 27 (BusinessDesk) – Methven, the tap-maker and distributer, cut its full-year earnings guidance for a second time, saying soft trading conditions it flagged in January have continued for longer than expected.

The shares dropped 4.7 percent to $1.23 and have declined 8.5 percent this year. Net profit in the year ending March 31 is expected to be 5 percent to 10 percent down on a year earlier, the Auckland-based company said in a statement. In January it was expecting profit to rise as much as 10 percent from last year’s $5.2 million.

“Methven has continued to experience the soft trading conditions reported in its January guidance,” the company said. “Stock reduction programmes by key Australasian customers have continued longer than anticipated, impacting February and March sales. This has been compounded by the negative impact of currency translation.”

Excluding one-time items, full-year profit may fall as much as 5 percent, it said. Net debt would be about $15 million at year end, down $2.2 million from a year earlier.

The Auckland-based company distributes across New Zealand and Australia as well as to the UK.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news