Methven Profit Surges on back of UK Acquisition
Performance Highlights for the year ended 31 March 2008
- Group NPAT up 27.7% to $9.8m from $7.6m (up 36.6% to $10.5 million from $7.7m excl. amortisation) in line with H/Y guidance
- EPS up 22.8% to 18.3 cps from 14.9 cps (up 30.7% to 19.6cps from 15.0 cps excl. amortisation)
- Total Group operating revenue up 63.0% to $114.8m from $70.4m and EBITDA up 41.0% to $18.9m from $13.4m
- Methven New Zealand EBITDA up 3.6% to $12.7m and domestic sales up 2.3% to $41.4m
- Australian NEFA valving business transitioned to direct Methven distribution, contributing to EBITDA loss of $0.6m as expected
- Australian shower and tapware division EBITDA up 70.3% to $3.5m; sales up 21.6% to $27.3m
- UK acquisition of Deva completed 1 September, contributing revenue of $37.3m and EBITDA of $5.1m, slightly ahead of budget despite market downturn
- Methven USA loss of $1.2m as forecast; action taken to significantly reduce deficit
- Additional market development costs of $0.6m relating to launch of world's first beauty shower, Maia, to extend reach into new personal care category and distribution channels
- Final dividend of 6.0 cps to be paid on 27 June 2008 in addition to 5.7 cps interim dividend
