By NZPA
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Wednesday 4th September 2002 |
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Shares in Vertex, which were issued at 205 and listed in July at 202, have been on a downward slide since their debut.
Vertex said in a statement today that, as a result of a poor second quarter, it expected its earnings before interest and tax for the six months to September 30 to fall short of the $5.2 million prospectus forecast by 15 percent.
Revenues for the six months were expected to be 10 percent down on the $46.3 million prospectus forecast, largely because of poor performances in its technical injection business.
Export sales for its animal health applicators and delays in customers' planned new product introductions meant sales were down by 32 percent on forecast for the division, the company said.
The company's dairy and industrial businesses have also seen higher than forecast costs.
Vertex said full year revenues were expected to be in line with its prospectus, partly as a result of anticipated improvements in operating margins on the completion of its 18-month restructuring programme.
Directors confirmed the payment of the forecast fully imputed dividend of 14.2 cents per share, with 6.1cps payable for the first half.
Vertex emerged from Carter Holt Harvey's plastics packaging business. Its most recognisable products include containers for Tip Top brand ice-cream and Fresh 'N Fruity yoghurt. The company also makes recycling bins.
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