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

 


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.

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Leighton-Led WGP To Build, Manage Transmission Gully

The Wellington Gateway Partnership, led by a unit of ASX-listed Leighton Holdings, has won the $1 billion contract to build the Transmission Gully road north of Wellington. More>>

ALSO:

Gareth Morgan: The Government’s Fresh Water Policy – Revisited

Fresh water quality is the latest area to be in the sights of Gareth Morgan and his research organisation The Morgan Foundation... They found that the fresh water policy was a bit murkier than the Environment Minister let on. More>>

ALSO:

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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