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Cavalier Corporation revises earnings position
Cavalier Corporation revises earnings position
Cavalier Corporation is pleased to announce a second positive earnings revision to an estimated $6 million normalised profit after tax for 2015/16.
This is up $5 million on the previous year’s normalised profit after tax and represents an increase on the advice given in February which expected normalised profit after tax to be at the upper end of the $3-$5million guidance given at the AGM in November 2015.
Cavalier Corporation CEO Paul Alston says the board is very pleased to be able to issue such positive guidance to shareholders and the broader market.
“We are working very hard to transform Cavalier Corporation back into a thriving New Zealand business.”
“Our improved performance comes from our core broadloom carpet business and the sale of our loss-making carpet tile operation.”
GAAP-compliant profit will be around $2.4 million after tax. Abnormal items include restructuring costs in respect of the consolidation of manufacturing operations announced in April and the gain on sale of property announced in November 2015.
ENDS
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