16 Oct 2013

Methven expects strong profit lift in first half of 2014

7:08 pm on 16 October 2013

Tapware maker Methven says it's expecting a strong lift in its profit for the first half of the 2014 financial year.

The listed firm made a profit of $2.3 million in the six months to September last year, and it's expecting this to be up about a fifth to $2.8 million for this financial year.

Methven Group chief executive Rick Fala says the improved result comes primarily from the company's UK operations which made a loss last year, but has made a profit for the first half of this year.

He says there have also been good trading conditions in New Zealand where sales are up 4%.