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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Scoop Review Of Books: She Means Business

As Foreman says in her conclusion, this is a business book. It opens with a brief biographical section followed by a collection of interesting tips for entrepreneurs... More>>


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Housing: English On Housing Affordability And The Economy

"Long lead times in the planning process tend to drive prices higher in the upswing of the housing cycle. And those lead times increase the risk that eight years later, when additional supply arrives, the demand shock that spurred the additional supply has reversed. The resulting excess supply could produce a price crash..." More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news