Tenon returns to profit on US building activity, will use surplus cash for share buyback

Wed, 20 Aug 2014

By Suze Metherell Aug. 21 (BusinessDesk) - Tenon, the wood mouldings manufacturer, returned to profit as increased building activity in its main US market boosted sales and said it plans to return cash to investors through an on-market share buyback scheme. Profit was US$2 million in the year ended June 30, turning around a loss of US$3 million a year earlier, the Taupo-based company said in a statement. Sales rose 8.8 percent to US$396 million, while earnings before interest, taxation, depreciation and amortisation rose 120 percent to US...

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