Skellerup Holdings had made a positive start to the financial
year as it drove earnings growth across both operating
divisions, chief executive David Mair said yesterday.
The company's reported profit of $10.8 million for the six
months ended December was 14% higher than the $9.48 million
reported in the previous corresponding period.
Revenue rose 2% to $97.3 million from $94.9 million.
Operating earnings were up 13% to $15.6 million from $13.8
Earnings per share rose 14% and the dividend increased to
3.5c per share from 3cps in the corresponding period.
Net debt fell in the period by 25% to $3.4 million.
Skellerup increased its forecast full-year reported profit to
be within the range of $22 million to $24 million.
Mr Mair said the performance of the industrial divisions was
particularly pleasing. The changes made to the business to
improve the competitive position and distribution to the
market had been successful.
''We have begun to realise earnings improvement here, so that
"Once more, the agri division was well underpinned by the
strength of the New Zealand dairy sector, where demand for
rubber liners and other agri-related products continued to
Skellerup considered itself well-positioned in markets in
which it operated, he said. However, it would continue to
look for efficiencies and opportunities to grow.