Methven cuts guidance as ‘soft’ trading conditions endure; shares drop

Thu, 27 Mar 2014

March 27 (BusinessDesk) – Methven, the tap-maker and distributer, cut its full-year earnings guidance for a second time, saying soft trading conditions it flagged in January have continued for longer than expected. The shares dropped 4.7 percent to $1.23 and have declined 8.5 percent this year. Net profit in the year ending March 31 is expected to be 5 percent to 10 percent down on a year earlier, the Auckland-based company said in a statement. In January it was expecting profit to rise as much as 10 percent from last year’s $5.2 million. “M...

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