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Thursday 30th October 2008 |
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Net income rose to NZ$4.96 million, or 7.45 cents a share, in the six months ended September 30, from NZ$3.84 million, or 5.76 cents a year earlier, the company said in a statement. Sales soared 66% to NZ$71.8 million.
Methven acquired Deva Tapware in September 2007 for NZ$59 million, increasing its geographic spread of sales and providing a buffer from slowing revenue at home. The shares rose 1.5% to NZ$1.32 today and have fallen 36% this year.
"We're now seeing the true benefit of an international spread of markets," chief executive Rick Fala said. "That has allowed Methven to cushion the effect of a slowing New Zealand economy with continued growth in Australia and a reasonable result in the UK, considering the market's weakness."
The company is "well equipped" to maintain profit growth, he said.
In the UK, Methven had ebitda of NZ$3.3 million on revenue of NZ$29.5 million, meeting the company's target.
Australian earnings rose 30% to NZ$1.7 million, while New Zealand earnings fell 8.6% to NZ$6.1 million. The company's US unit posted a NZ$500,000 loss.
Methven raised its first-half dividend to 6.25 cents a share from 5.7 cents.
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