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

 

Methven Focuses on Delivering Growth

Media Release 30 July, 2013


Methven Focuses on Delivering Growth


Leading New Zealand shower and tapware designer Methven Limited [MVN] today announced that despite the ongoing tough conditions, the company remains focused on growth and sustainable shareholder returns.

Addressing shareholders at today’s Annual Meeting, Chairman Phil Lough said that through prudent cost management, Methven has delivered a result that is sustainable in current market conditions. “While we saw improvements in New Zealand, these were offset by further challenges in our UK business, resulting in turnover and profits down 7.3% and 20.3% respectively. It is not a result we are happy with, but in these conditions we have managed to maintain the underlying health of the business,” Mr Lough said.

“The previously reported increase in debt level has now returned to normal and the business remains comfortably within bank facility limits and covenants.”

With the business in sound shape, the team are now focused on delivering top and bottom line growth. “The recently announced acquisition of premium Chinese tapware and valve manufacturer, Invention Sanitary, will ensure that our products are internationally competitive,” outgoing Group CEO Rick Fala said. In addition, the company will maintain its investment in R&D, refreshing its product range, and launching a breakthrough shower technology in 2014.

“By reinvigorating our marketing efforts, we will be able to better leverage our strengths in design and supply to drive top line growth,” Mr Fala said. “This will become a major focus of the business moving forward.”

With Rick Fala stepping down, the company is in the final stages of recruitment for a new Group CEO with a proven track record and specific expertise in international marketing and brand development. Mr Lough added that the Board has a continued positive outlook and confidence to grow the business and deliver returns to shareholders.

“We are targeting solid sales and Net Profit After Tax growth for the first half and full year of 2013/14,” Mr Lough said.

“We’ve demonstrated a strong ability to handle the decline of the building and renovation sector that has ensured ongoing profitability and the ability to invest in the future.” “We are determined to build the revenue line back in Methven. This is our principal task and is what we will be reporting in the future.” For more company information, visit www.methven.com

- ends -

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Statistics: Annual Inflation Hits A Three-decade High At 5.9 Percent
The consumers price index increased 5.9 percent from the December 2020 quarter to the December 2021 quarter, the biggest movement since a 7.6 percent annual increase in the year to the June 1990 quarter, Stats NZ said today... More>>



Digitl: Bumper year ahead for NZ IT sector

Gartner says New Zealand spending on technology products and services will grow 7.4 percent this year. The company’s latest forecast says the market will total NZ$15.3 billion in 2022... More>>



Fonterra: Lifts Forecast Farmgate Milk Price Range

Fonterra Co-operative Group today lifted its 2021/22 forecast Farmgate Milk Price range to NZD $8.90 - $9.50 per kgMS, up from NZD $8.40 - $9.00 per kgMS. This increases the midpoint of the range, which farmers are paid off... More>>



Skoltech: Study Probes Earth’s Turbulent Past To Explain Where Oceans Came From

The origin of water on our planet is a hot question: Water has immense implications for plate tectonics, climate, the origin of life on Earth, and potential habitability of other Earth-like planets. In a recent study in Physical Review Letters, a Skoltech professor and his Chinese colleagues suggest... More>>


Statistics: Household Net Worth Grows In The September 2021 Quarter But At A Slower Pace Compared To March 2021

Household net worth grew by $60.7 billion in the September 2021 quarter compared with the June 2021 quarter, Stats NZ said today. This represents an increase of 2.5 percent, a similar result to the June 2021 quarter, which was up $60.6 billion or 2.6 percent... More>>

TradeMe: Job Market Ends 2021 On A High With Record Number Of Vacancies
The New Zealand job market finished 2021 on a high note, with the ball still firmly in the job hunters’ court, according to the analysis of 69,600 vacancies listed on Trade Me Jobs for the quarter ending 31 December (Q4)... More>>