17pc profit boost for Scott Technology
Christchurch manufacturer of automated production systems Scott Technology has posted a 17 per cent rise in profit to $6.1 million.
The directors declared a final dividend of 5.5 cents a share, making the total dividend for the year to August 31 8c a share, a 14 per cent increase on the previous year.
The $6.1m profit after tax was earned from revenue of $63.8m, 19 per cent higher than the previous year's $53.6m. It compares with $5.2m profit after tax the year before. Earnings a share were 16.7c, compared to 16.6c the year before.
The directors said the company, headquartered at Bromley in east Christchurch, had kept its focus on developing new technologies and related business opportunities. Some 86 per cent of sales came from overseas customers.
To exploit its research and development the company was focusing on converting its technology into standard products and technology offerings. That would reduce its reliance on one-off automation systems and had boosted revenues and profits.
It has continued to develop its meat processing automation technology and had recently announced projects for two large Australian meat processors and "we expect sales for this market will continue to grow".