Methven first-half earnings rise on strong UK, China sales; GWA costs dent bottom line

Wed, 27 Feb 2019

By Paul McBeth Feb. 28 (BusinessDesk) - Methven lifted first-half earnings 7.9 percent as the tapware maker enjoyed strong sales in the UK and China, although transaction costs from its pending takeover by Australia's GWA weighed on the bottom line. Net profit fell to $2.4 million in the six months ended Dec. 31 from $3.2 million a year earlier, although that included a $721,000 bill relating to its scheme implementation agreement with GWA, which will likely see it leave the NZX in April. Stripping out those one-off costs, underlying...

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