Skellerup Holdings is thanking a late surge in sales in May and June for allowing it to beat its downgraded guidance but, even so, annual net profit fell 23%.
The rubber goods and vacuum pump manufacturer says net profit for the year ended June fell to $19 million from $24.7 million the previous year.
Skellerup downgraded its guidance twice this year - most recently in May when it said to expect a $17 million result because of drought, depressed European markets and a sluggish recovery in the United States.
Managing director David Mair said an upgraded forecast payout announced by Fonterra in May meant sales the company was expecting later in the year were brought forward.
Despite the decline in profit, Skellerup is maintaining its final dividend at 5 cents per share, taking its payout for the year to 8 cents.