Tenon sees no uplift in earnings until late 2013

Tue, 25 Sep 2012

By Hannah Lynch Sept 25 (BusinessDesk) - Tenon, the NZX-listed company that sells wood mouldings in the US, is forecasting no uplift in earnings until late 2013 as the high New Zealand dollar and tepid US economic recovery slow sales. The Auckland-based company counts as its biggest market the US, where high unemployment and a downturn in the housing market coupled with a high kiwi dollar have contributed to slowing sales. "Given the considerable uncertainty that remains as to the movement of the NZD:USD cross rate and the timing of any re...

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