Skellerup profits soar 22pc

David Scoones, marketing assistant at Skellerup, stacks the shelves of their site with some of the 3500 pairs of gumboots the company expects to sell at Fieldays earlier this year. Photo / NZ Herald

NZX-listed manufacturer Skellerup Holdings said its net profit rose by 22.1 per cent in the June year to a record $24.7 million.

Skellerup, a specialist manufacturer and distributor of technical polymer products, said its performance was driven by organic growth and operational efficiencies, with particularly strong earnings growth coming from is industrial division.

The result brought the company's compound annual growth rate of net profit over the last three years to about 40 per cent.

See more of the company's results here.

Chief executive officer David Mair said the business remained underpinned by good cash generation and low debt. Net debt was $4.3m at balance date, down from $9.1m a year earlier - the lowest on record.

Skellerup announced a 5c per share dividend, taking the total for the year to 8cps.

Chief executive officer David Mair said the company's ability to develop new products had been a major factor in sheltering it the "lingering" economic downturn.

Revenue for the year was up 7.1 per cent at $207.3m.

Shares in Skellerup last traded at $1.50.