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Good progress on sales

Good progress on sales, profits and new international distribution
Results for the six months ended 31 December 2015

New Zealand’s leading shower and tapware designer Methven Limited today reported sales growth of 8.0% and an increase in net profit after tax of 26.8% for the six months to December 2015. Methven Chairman Phil Lough commented “We’re pleased with the progress being made towards delivery of our plan announced last year, to grow sales to $130 million by 2018 and profits towards our longer term target of 10% of sales. Six months in, we’re on track with our plan and delighted to have gained agreement to launch in to five new international test markets to better leverage our international Patents and help drive future sales growth.”

David Banfield Group CEO commented “Our performance in the New Zealand and Australian markets has been encouraging with the delivery of strong sales and market share growth as a result of our investments in new products, technology and new marketing initiatives. Aurajet® in particular has been a huge success and is on track to be our most successful product launch yet.”

Mr Banfield added “We now have a new leadership team in place across the group who are complementing our existing capability to help drive performance. This includes the leadership transition in China following our 2014 acquisition. We thank the former owner, Mr Hui Zhuang, for his support of the transition, his contribution to our China earnings, and wish him well for his retirement.”

The Board were pleased to announce that a fully imputed dividend of 4.0 cents per share will be paid on 31 March 2016, as a result of the strong earnings growth, the $2.3 million reduction in net debt, and the forecast for the second half of the year.”

The Group reiterated its previously stated guidance for the year to 30 June 2016 of revenue growth of 5% or more, NPAT growth of 15-25% and Net debt reduction, with NPAT growth expected to be towards the top of this range.

ENDS

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