Fisher & Paykel guides 31% jump in first-half profit, confirms board exit
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The news: Healthcare equipment manufacturer Fisher & Paykel said it expects 31% growth in first-half profit compared to the prior corresponding period, and retained its full-year guidance.
The numbers: Fisher & Paykel, which reported its full-year result in May, has guided net profit after tax of NZD200 million ($181 million) for the first-half period, up from NZD153.2 million in the same period a year earlier.
The company also said it expects 13% growth in first-half revenue to NZD1.065 billion.
Fisher & Paykel said its outlook for the full year remains unchanged, with operating revenue guided between NZD2.15 billion and NZD2.25 billion, and net profit after tax between NZD390 million and NZD440 million.
The outlook now includes an estimated 75-basis-point impact of US tariffs on hospital products sourced from New Zealand, the company said. It also assumes current global tariff rates, policies and applications for the duration of this financial year.
The context: Fisher & Paykel also announced the retirement of Pip Greenwood from the board, effective 1 September. She has served as an independent director of the company since 2017 and was recently appointed to the board of Westpac. She also chairs the boards of A2 Milk and Westpac New Zealand.
What they said: "We had a very strong first half last year across both homecare and hospital product groups, with 17% revenue growth in constant currency," said managing director and CEO Lewis Gradon.
"Against that backdrop, an ongoing change in clinical practice to our hospital therapies continues to contribute to our outlook for strong growth for the first half of this year."
The source: ASX
