Health

F&P Healthcare half-year profit hits record high

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Fisher & Paykel Healthcare’s half-year profit has hit a record high as it focuses on new technologies for hospitals and the home.

Net profit climbed 26 percent to $78.2 million in the six months to September, compared with $62m the year before.

Operating revenue rose 12 percent to $425.2m.

The manufacturer makes a range of equipment, from humidifiers to breathing masks and systems for obstructive sleep apnea.

Chief executive Lewis Gradon said growth was broad-based with a solid performance from new products.

“This half we have seen exceptional results from our new applications in the hospital product group, with revenue growth of 35 percent from these products in constant currency terms,” he said.

Mr Gradon said the company expected further growth in its key market, the United States, where it had improved its distribution network in hospitals and just received official approval of one of its advanced masks.

The company is expanding its manufacturing facilities in neighbouring Mexico.

“Given the positive first half result we now expect full year net profit after tax to be towards the middle of a $165 to $170 million range and we expect full year operating revenue to be approximately $880 million,” Mr Gradon said.

The company increased its interim dividend to 8.25 cents a share.

Source

http://www.radionz.co.nz/news/business/318647/f-and-p-healthcare-half-year-profit-hits-record-high