Nuplex ups profit guidance

Resin manufacturer Nuplex Industries Ltd has increased its profit forecast and signalled a restructuring of its business.

The company has upped its profit guidance for the year to June 30 to between $110 million and $120 million from between $100 million and $110 million previously. This is a forecast for earnings before interest, tax, depreciation and amortisation, Ebitda.

To drive further growth the business has been restructured into two divisions.

Sam Bastounas has been appointed chief operating officer of Nuplex functional materials and specialities, while Rob Harmsen has been appointed chief operating office of Nuplex resins.

"This restructuring of our operations will enable us to maximise their performance and capitalise on opportunities during the next stage of Nuplex Industries' growth," the company said.

- NZPA