25 Aug 2010

Skellerup underlying profit jumps

10:28 pm on 25 August 2010

Skellerup has lifted its underlying profit by almost 50% due to much improved trading in the second half of the year.

The listed manufacturer of plastics and industrial couplings made $11.9 million in the year to the end of June, up a third on the previous year.

Once tax adjustments and one-off costs are stripped out, underlying profit rose by almost 49% to $14.5 million.

Revenue rose more than 16% to $181 million.

Skellerup acting chief executive, David Mair, says the result is pleasing and is due to a much improved trading environment.

Skellerup will pay a final dividend of 2.5 cents a share, and expects to make make between $16 million and $17 million in the 2011 financial year.

Shares in Skellerup gained 7 cents to close at 80 cents on Wednesday.