Methven expects profit lift

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Methven says it is aiming to hold annual dividends at current levels and it expects a "reasonable" lift in net profit this year.

The luxury showerware maker is experiencing strong growth in the Australian market and modest gains in the New Zealand market.

"We're picking a creditable improvement in profitability for the full year, holding net debt to current levels, even after an anticipated increase in debt of 15 to 20 per cent at half year due to planned capital expenditure for growth," chairman Phil Lough told shareholders at the company's annual meeting in Auckland yesterday.

Group net profit after tax fell 17.5 per cent to $8.3 million in the year to March 31, before impairments.

- NZPA