26 May 2009

Fisher and Paykel Healthcare profit up 76%

1:35 pm on 26 May 2009

Fisher and Paykel Healthcare's full year profit lept 76% thanks to increased demand for its core products and a lower New Zealand dollar.

The company posted a $62.2 million profit for the year to the end of March, compared to $35.2 million the previous year.

Demand for Fisher & Paykel Healthcare's core products rose sharply during the year, due in part to substantial orders for hospital group contracts in the United States.

Revenue from sales of its respiratory and acute care products increased by a third to $244 million, while revenue from its obstructive sleep apnea masks rose 23% to $203 million.

The company, which makes the majority of its revenue in US dollars, benefited from a lower New Zealand dollar, though that was limited by its foreign exchange hedging.

This year the healthcare firm plans to expand its research and development facilities and manufacturing operations in New Zealand, as well as set up a manufacturing facility offshore.

The company expects to increase profit by about 25% to between $75 million and $80 million for the 2010 financial year