Profit doubles at Scott Technology

Dunedin-based manufacturer Scott Technology has more than doubled its net profit to $5.63 million for the year to August 31.

Scott, which manufactures production lines for the appliance industry, increased net profit from $2.43 million the previous year and boosted revenue to a record $47.5 million from $29.2 million.

The company will pay a final 8c a share dividend on December 4, bringing the total dividend to 14c a share, up from the 11cps total dividend the previous year.

Scott Technology will also make a one-for-eight non-taxable bonus issue of shares just before that date.

The result was on the back of internal growth, marketing, and diversification into robotics, including development of a robot for meat processor PPCS.

"The year has been exceptional, and the directors and management are confident with the current outlook and look forward to the challenges and opportunities that exist in our markets," the company said.

"The directors currently expect a satisfactory year, which may, however, be influenced by the high value of the New Zealand dollar."

Scott Technology shares last traded up 15c at $2.85, compared with a year-high of $2.90 and a low of $1.68.

- NZPA