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

 

Scoop Business: RBNZ Starts Talks On Tougher Rules For Property Speculators

The Reserve Bank of New Zealand is stepping up preparations to restrict lending to residential property investors as it watches house prices, particularly in Auckland, continue to rise strongly. More>>

ALSO:

Research: ‘Ageing Well’ Science Challenge Launched

Science and Innovation Minister Steven Joyce today launched the Ageing Well National Science Challenge, confirming initial funding of $14.6 million. More>>

ALSO:

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news