Methven shares gain as strong exports boost profit, expects NZ recovery in 2019

Tue, 28 Aug 2018

By Sophie Boot Aug. 29 (BusinessDesk) - Methven lifted annual profit 22 percent as the tapware designer earned more from international sales while New Zealand weakened, though it expects better domestic growth in 2019. The company's shares rose 3.9 percent to $1.08, having dropped 5.5 percent this year. Net profit rose to $6.6 million in the year ended June 30, from a restated $5.4 million in 2017. Earnings before interest and tax lifted 20 percent to $10.7 million as revenue rose 5 percent to $105.1 million and expenses dropped 2 pe...

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