New products drive F&P Healthcare's half-year profit

Fisher & Paykel Healthcare today posted an 11.5 per cent rise in half-year net profit.

In a statement to the stock exchange the company reported a net profit of $28.1m for the six months to September, up from $25.2m for the same period last year.

The company will pay a fully imputed interim dividend of 5 cents per share, up from 4.8cps the previous year. Earnings per share were 5.5 cents, up from 4.9 cents.


The company said growth from new products contributed to record operating profit of $41.7m, a 13 per cent rise on the same period last year.

About 60 per cent of the company's revenue for the period was derived in US dollars.

In US dollar terms, revenue increased 24 per cent and operating profit increased by 25 per cent.

F&P Healthcare said the operating profit increase was driven by strong growth in sales of respiratory humidification systems, devices for the treatment of obstructive sleep apnea (OSA) and neonatal and warming products.

In US dollar terms, respiratory humidification revenue increased by 16 per cent, OSA revenue rose 34 per cent and neonatal and warming revenue increased by 46 per cent.

Managing director and chief executive officer Michael Daniell said new product introductions were planned over the next year, including a new humidifier system for use in hospital oxygen therapy and additions to the flow generator and mask product ranges.


For the full year he said to expect a continuation of strong US dollar revenue growth with revenue to be in the range of US$155m to US$160m ($227m to $234m).

Shares in the company last traded up 3c at 312 yesterday, having ranged between $2.30 and $3.14 over the past 12 months.

- NZPA