Methven shares drop as earnings growth stalls

Wed, 29 Jan 2014

By Suze Metherell Jan. 30 (BusinessDesk) – Shares in Methven fell after the tap-maker and distributer said annual profit growth won’t be as big as earlier hoped, with slower trading in December and January. The shares dropped 4.9 percent to $1.35, and have declined 10 percent over the past 52 weeks. The Auckland-based company expects net profit to remain flat or rise up to 10 percent from $5.2 million a year earlier, it said in a statement. It had previously said it was “cautiously optimistic” on sustaining the 21 percent rise in its first...

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