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F&P Healthcare profit up 18 per cent

NZ Newswire logoNZ Newswire 21/05/2017 Jonathan Underhill

Fisher & Paykel Healthcare, the medical device maker, has posted an 18 per cent gain in full-year profit, meeting its guidance amid record annual sales, and said sales in the current year may reach $1 billion.

Profit rose to a record $169 million in the 12 months ended March 31, from $143m a year earlier, the company said on Monday. Operating revenue climbed 10 per cent to $894m.

Performance for the 2018 year was expected to be better again, with operating revenue seen rising to about $1b at current exchange rates, with forecast profit of between $180m and $190m.

F&P Healthcare declared a final dividend of 11.25 cents a share, making 19.5 cents for the year.

"We are well placed to meet the growing global demand for our products," said chief executive Lewis Gradon. "We have a consistent,well-proven strategy for delivering sustainable, profitable growth."

F&P Healthcare counts North America as its biggest market and in the latest year revenue grew 13 per cent to $435m, making it the company's best-performing market. Sales in Europe rose 7 percent to $272m while Asia Pacific sales advanced 9 per cent to $155m.

Research & development costs rose 17 percent to $86m in the latest year.

F&P Healthcare shares last traded at $10.17 and have gained 1.9 per cent in the past 12 months, lagging behind a 7.1 per cent gain for the S&P/NZX 50 Index.

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