By NZPA
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Tuesday 3rd September 2002 |
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Skellmax's annualised profit was 1 percent ahead of the prospectus forecast, of which $12.5 million was attributable to former owner Viking Pacific Holdings.
When it floated in June, Skellmax's 100 million shares listed at $1.15, and last traded at $1.08.
Skellmax's total assets were $64.6 million, about $1.46 million lower than the forecast, and total liabilities stood at $46.8 million, including $16.8 million in current liabilities and borrowings of $30 million.
The borrowing was a loan facility to partly fund the acquisition of Skellerup and Flomax from Viking Pacific in June.
Net assets were $17.7 million.
The result for the period between the company's listing on June 19 and the end of the financial year, June 30, was a net profit of $377,000.
Skellmax's total revenue for the nine business days of operating as one company was $4.68 million, and the pre-tax surplus was $484,000.
Earnings per share were 0.38 cents per share.
Chairman Keith Smith said in a statement that Skellerup Industries, the rubber and agricultural consumables division, was unlikely to be affected by the prospect of lower payouts by New Zealand dairy companies. Skellerup derived about half of its dairy-related revenues from overseas markets.
The dairy industry vacuum pump division, Flomax, had further significant growth prospects because of cost competitive manufacturing, an established customer distribution network, and a recognised brand, Mr Smith said.
"In summary Skellmax Group is on target to achieve the ebit (earnings before interest and tax) forecast as set out in the prospectus of $20.77 million."
No dividend would be paid, but the company would begin paying dividends from April 2003.
Ebit for the year ended June was $19.2 million, compared with the prospectus forecast of $18.9 million, and up $3 million on the previous year's pro forma result.
Cashflow was $14.8 million for the year, up by $1.93 million on forecasts.
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