Methven has met full-year profit guidance even as its Australian and New Zealand sales weakened.
Net profit rose to $6.5 million, or 9.7ca share, in the 12 months ended March 31, from $4.7 million, or 7.1c a share a year earlier, the Auckland-based company said.
That was at the lower end of its $6 million to $8 million guidance given last year after the company cut its forecasts amid a downturn in Australian housing activity. Sales fell 13 per cent to $106.2 million.
"With tough trading conditions in all of our key markets impacting revenue, the implementation of operational efficiencies and cost control measures ensured positive earnings growth was achieved in line with our October 2011 guidance to the market," chief executive Rick Fala said. "We are confident we have the management teams and plans in place to be able to take advantage of any upturn in market conditions."
The company's shares closed up 4c yesterday at $1.19c. The stock shed 40 per cent last year and is rated "outperform" by analysts.
