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Methven Annual Results FY14

Methven Annual Results FY14

Positive Outlook despite Disappointing Results

New Zealand’s leading shower and tap ware designer Methven Limited [MVN] has announced its annual results for the year ended 31 March 2014.

Net profit after tax (NPAT) down 8.6% from $5.2 million to $4.7 million.

NPAT excluding significant items.

Earnings before interest, tax, depreciation and amortisation (EBITDA) excluding significant items decreased 7.1 % from $12.9 million to $12.0 million.

Sales revenue increased marginally overall but was down 1.7% from $98.4 million to $96.7 million after conversion to NZ dollars.

Partially imputed final dividend of 4.5 cps to be paid on 30 June 2014.
New Zealand sales of $35.1 million were slightly above the previous year’s $34.9 million but below our expectation, negatively impacted by key customer stock reduction programmes.

The United Kingdom division stabilised, delivering an EBITDA contribution of 1.1million) up from breakeven last year, mainly due to cost rationalisation and revenue showing dlight growth.

Australian sales grew 5.8%, up from A$33.1 million to A$35.0 million, but significant margin decline was caused by a combination of currency weakness, competitive pricing pressure and supply chain/logistics cost increases.

Purchase of Chinese premium tapware supplier/manufacturer Invention Sanitary remains on track for completion on 30 June 2014 and is expected to deliver US$2 million NPAT per annum

Strong cashflow was generated to fund dividends and growth.


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