Skellerup, the industrial rubber goods manufacturer, beat its guidance with a 23 per cent decline in annual profit after a pickup in the last two months of the financial year.
Skellerup made a profit of $19 million in the year ended June 30, ahead of its May 2 forecast of $17 million, but below the year earlier $24.7 million, the Auckland-based company said. Revenue fell 8.6 per cent to $189.5 million on lower sales in its industrial division.
Skellerup revised down its earnings guidance twice in the past year as a drought across the North Island sapped demand at its agri business unit and as its North American and European sales tracked below forecasts.
Still, the agri business bounced back after the drought with strong liner, tubing and footwear sales and the industrial unit exceeded expectations on higher sales of industrial rubber products and vacuum pumps.
"The outlook for the year and beyond is positive," said chairman Sir Selwyn Cushing.
