Methven confirms earnings recovery with 21 percent gain in first-half profit

Mon, 14 Oct 2013

Oct. 15 (BusinessDesk) – Methven, the tapware maker, has confirmed the earnings recovery it flagged in July, posting a 21 percent jump in first-half profit on a pickup in trading in New Zealand and the UK. Profit rose to $2.8 million in the six months ended Sept. 30 from $2.3 million a year earlier, the Auckland-based company said in a statement. It didn’t provide sales figures in its market update, which comes ahead of its official earnings release. Methven shares jumped about 5 percent to $1.48 on the news. The manufacturer cut net debt by...

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