As per our guidance given at the Annual Shareholders Meeting, the first half
NPAT is expected to be down on last year. An uplift in the second quarter
earnings is unlikely to be sufficient to offset the weak first quarter, but
we do expect this uplift to be maintained in the second half.
Underlying NPAT, adjusted for the one-off prior year gain, is expected to be
down approximately 20%, and reported NPAT down approximately 25%, for the
half year. The New Zealand and Australian earnings are expected to be up on
last year, however the UK continues to underperform in a tough market.
We indicated that the half year Net Debt was expected to be slightly improved
on last half year of $17.4 million. We now believe that the half year Net
Debt as at 30 September 2012 will be in the range of $19 million to $21
million, largely driven by short term timing differences impacting working
capital, particularly creditor payment terms.
For queries please contact:
Rick Fala, Group CEO, M+64 21 516 299, DD +64 9 829 5124, email@example.com
Deidre Campbell, Group CFO, M+64 21 272 4008, DD +64 9 829 0418,
For company information go to: www.methven.com
End CA:00227548 For:MVN Type:FORECAST Time:2012-09-20 17:07:13