F&P Healthcare revises profit forecast

Fisher & Paykel Healthcare said it had revised up its net profit forecast for the year to March, based on improved sales, despite the ongoing strength of the New Zealand dollar.

The company now expects its net profit to be about $75 million for the year, up from a forecast issued last November of $69-$72m.

The revised forecast assumes the exchange rate will remain at current levels until the end of the financial year.

Fisher & Paykel Healthcare, which specialises in making electronic respiratory devices for the treatment of obstructive sleep apnoea (OSA), said sales growth during the second half had been encouraging, particularly for its respiratory consumables products.

"We are expecting constant currency operating revenue growth for the second half to increase to approximately 14 per cent, up from 8 per cent, for the first half," it said in a statement.

Chief executive Michael Daniell said operating margin had also continued to improve as a result of new products and operating efficiency gains.

The company also announced an expansion of its full face mask offering, with the introduction of the 'F&P Simplus' - a full face mask for use in the treatment of OSA.

Fisher & Paykel Healthcare shares last traded at $2.45, up 11c or 4.7 per cent from Tuesday's close, and towards the top end of its $1.86 to $2.64 range over the last 52 weeks.


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