Methven posts 25% drop in annual profit, sees 10% growth in 2018

Sun, 27 Aug 2017

By Sophie Boot Aug. 28 (BusinessDesk) - Methven said annual profit fell by almost a quarter in a "very disappointing year" but expects 2018 to deliver 10 percent profit growth as the shower and tapware designer starts a new business plan. Net profit fell 24.5 percent to $5.8 million, or 15.1 percent on a constant currency basis, in the year ended June 30, the Auckland-based company said in a statement. Revenue fell 5.4 percent to $100 million while net debt rose 23 percent to $27 million. When Methven reported first-half earnings in M...

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