Sales ahead at F&P Appliances

F&P Appliances owns 20% of F&P Healthcare and its share price fell last week as the market punished Healthcare for not delivering a stronger third quarter result.

However FPA has told the market that its operating performance has been ahead of expectations since it began trading as a stand-alone business last November.

The better performance has reportedly been driven by a combination of higher than budgeted sales, improved margins and lower costs from post-restructuring, with sales improving on both sides of the Tasman.

"This is in line with higher consumer spending due to lower interest rates, and a change in focus from travel to 'lifestyle purchases', particularly in light of government assistance for new housing starts in Australia," says managing director John Bongard.

"We are particularly pleased with the continuing growth of our sales in the US. There was a slow down following the September 11 tragedy, but our US sales between October to the end of January were up 63% on the previous corresponding period."

Mr Bongard says establishment of the company's UK sales and marketing subsidiary is progressing satisfactorily, while exports to EU and Mediterranean countries, together with Asian regions, are performing to expectations.

F&P Appliances next financial report is due in June when the company will announce results for the period from November 2001 to the end of March 2002.

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