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

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news