1 Mar 2017

One-off costs hit tapware maker Methven

5:56 pm on 1 March 2017

The shower and tapware maker, Methven, has reported a weaker half-year result after currency changes and significant one-off costs.

Water running from a tap

Photo: RNZ / Claire Eastham-Farrelly

Methven changed its balance date and reports for the six months to December, so adjusted previous results to give an accurate comparison.

On that basis, its net profit fell 31.7 percent to $3.2 million.

Revenue was down 5.7 percent to just under $50m.

Significant costs hit its performance, chief executive David Banfield said.

"The impact of Australian dollar devaluation versus the US dollar... New Zealand sales into the market impacted by customer change in stock and supply chain disruption," he said.

Mr Banfield said those factors were in the first quarter and the company was back on track for the full-year.

The company would pay an interim dividend of four cents per share at the end of the month.

Its full-year profit guidance had been maintained, but was expected to be at the lower end of its range.

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