Fisher & Paykel shares jump on earnings growth
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More news: Fisher & Paykel Healthcare shares have surged in early ASX trading after the business posted stronger first-half profit and announced a higher interim dividend. Shares were up 9.86% to $22.61 at 10.35am AEDT.
Fisher & Paykel lifts first-half profit, ups dividend
The news: A surge in sales of respiratory homecare products has helped ASX-listed Fisher & Paykel Healthcare post higher first-half profit and dividends.
The group increased net profit after tax to NZD107.3 million ($98.9 million) for the six months to 30 September, a gain of 12% on the same period last year.
The numbers: Sales of homecare products, used to treat sleep apnoea and respiratory problems, rose to NZD314.4 million. This was a 26% increase on the same period last year. Sales in the company's bigger category of hospital products also improved. First-half revenue was NZD487.5 million, an increase of 11%.
Fisher & Paykel has forecast full-year sales of NZD1.7 billion, 8% higher than the previous year's figure of NZD1.58 billion.
Investors will receive an interim dividend of 18 NZ cents per share up from 17.5 NZ cents per share this time last year.
The context: Chief executive Lewis Gradon said the Evora Full mask for sleep apnoea was receiving great demand in the US, having been available for more than one year.
He said freight rates and manufacturing inefficiencies were easing, although materials and manufacturing costs were still areas of focus
The source: Fisher and Paykel announcement
