Frucor makes NZSE40

Frucor shares hit the stands at $1.50 in a weak market after initially expecting to list at more than $2.00. Its price has climbed steadily on the back of positive results, particularly from overseas sales of its energy drink V.

Frucor MD Mark Cowsill says the company is celebrating its inclusion in the NZSE's new quarterly ranking.

"In particular, key achievements have included the successful introduction of V into the UK and Irish markets and the net profit after tax of $9.6 million for the year to June 30 2000, nearly 10% ahead of the NZ$8.8 million forecast in the company's IPO Prospectus."

Mr Cowsill says the profit was achieved on sales of $180.2 million, up 61% on last year.

With the lower kiwi dollar, Frucor could be well-placed to benefit from good overseas sales, especially as it holds around 60% of the Australian energy drink market.

However investors will be keen to see just how well V has done in the UK following an advertising blitz which has been backing up the drink's first major European push.

Early sales figures in the UK indicated the product was selling well but continuing distributor support is vital for the product to succeed.

Frucor closed today down 5 cents at $2.22.

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

Danone digs in its French heels