Methven lifts annual profit 21% as new China plant comes online

Sun, 24 May 2015

By Suze Metherell May 25 (BusinessDesk) - Methven, the NZX-listed tap and shower manufacturer and exporter, lifted annual profit 21 percent, in line with guidance, after the acquisition of a Chinese manufacturing plant widened margins. Profit rose to $5.69 million in the year ended March 31, from $4.71 million a year earlier, the Auckland-based company said in a statement. That was in line with its expectation for annual profit growth of between 15 percent and 25 percent. Sales slipped 0.4 percent to $96.3 million, while earnings before...

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