F&P Healthcare interim profit jumps

CATHERINE HARRIS
Last updated 10:06 01/12/2012
FPH 5.480 -0.08 -1.44%
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Respiratory device maker Fisher & Paykel Healthcare has booked an 18 per cent jump in interim net profit and slightly lifted its guidance for the full year.

The company beat its forecast in August, with a net profit after tax of $33.3 million, up 18 per cent on the same period last year, on revenue of $266m.

Its guidance was a profit of $31m on operating revenue of $265 million.

Chairman Tony Carter said the company was making good progress in both its respiratory and acute care (RAC) products, and in its obstructive sleep apnoea range.

He lifted its forecast for annual net profit to between $69m and $72m with a revenue of between $545m to $555m.

In August the company gave a full year profit guidance of $65m and $69m on sales of $540m to $550m.

FPH's share price remained steady in early morning trade at $2.49.

The company said continued demand for its humidifier controllers and consumables pushed its RAC first half operating revenue up 9 per cent.

Sleep apnoea revenue was up 3 per cent in constant current terms at $114m.

Carter said the company was expanding from its traditional intensive care ventilation into new areas such as non-invasive ventilation, neo-natal care and oxygen therapy.

"We continue to make very good progress, with consumables revenue derived from those new applications growing 20 per cent in constant currency."

The completion of a 31,000 sq m building on its Auckland site would double its New Zealand-based research over time, he said.

In November the company won a coveted award from the American Association of Respiratory Care for outstanding service, quality and support.

The company announced an interim dividend of 5.4c per share.

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- BusinessDay.co.nz

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