23 May 2014

F&P Healthcare posts record profit

2:07 pm on 23 May 2014

Fisher & Paykel Healthcare says its annual net profit rose 26 percent to a record level reflecting increasing acceptance of its cutting edge medical devices.

The company, which makes respiratory care systems, posted a $97.1 million profit for the 12 months ended March.

If the currency had remained steady, the profit uplift would have been 46 percent.

Fisher & Paykel says its sales also reached a record, rising 12 percent to $623.4 million, despite the drag of the high New Zealand dollar. More than 95 percent of the company's sales are exports.

The company expects to lift sales further this year to $640 million and to post a similar net profit, despite a less favourable currency hedging position which means it effectively began this year with operating profit $32 million behind the start of last year.

Chief executive Mike Daniell estimates his company's products were used to care for more than 9 million patients during the year just gone.