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F&P Healthcare in record rude health

NZ NewswireNZ Newswire 26/05/2016 Tina Morrison

Medical device maker Fisher & Paykel Healthcare has beaten its forecast for annual profit, boosting revenue and margins, and said it expected to post new records in the coming year.

Net profit jumped 27 per cent to a record $143.4 million in the year to the end of March, ahead of its forecast range of $135m-$140m, it said.

Revenue increased 21 per cent to $815.5m, also an all-time high and ahead of a forecast $800m.

The company forecast profit in the coming year of $165m-$170m on revenue of $900m.

"This result is due to strong uptake of our products across both the hospital and homecare settings and a continuation of gross margin expansion," said chief executive Lewis Gradon.

"Continuous product improvement, serving more patient groups, broadening the range of assistance we can provide for each patient and expanding our international presence is a strategy that is well proven and has guided us to record operating revenue every year over more than a decade," Mr Gradon said.

Its shares last traded at $10.20 and have advanced 15 per cent this year.

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