Investors happy at boost to F&P's health

CLAIRE ROGERS
Last updated 08:09 23/11/2012

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Fisher & Paykel Healthcare investors had reason to cheer after the company's share price shot up on news of a pleasing first-half performance and stronger full-year outlook.

Yesterday FPH reported an 18 per cent year-on-year boost to first-half net profit to $33.3 million.

Operating revenue grew 6 per cent year on year to $267m.

Its NZX share price rose 6.5 per cent or 16 cents to reach $2.60 yesterday before settling down to close at $2.50 - its highest closing price since January.

Shareholders at the annual meeting in August had grumbled about a 24 per cent annual fall in its share price. It had sunk to $1.89 earlier that month.

The NZX and ASX-listed company, which makes breathing masks and respirators, had also reported a flat profit of $64.1m for the 2012 financial year.

But yesterday it upped its 2013 full-year net profit guidance to between $69m and $72m - an increase of $3m to $4m on its most recent estimate, and predicted full-year operating revenue would land between $545m and $555m.

FPH declared an interim dividend of 5.4 cents - on par with the first half of the 2012 financial year.

Chief executive Michael Daniell said the respiratory and acute care division's revenues increased 11 per cent in constant currency terms to $143m, thanks to increased demand for its humidifier controllers and for new products including oxygen and humidity therapy applications.

FPH's obstructive sleep apnoea products group boosted constant currency revenue by 3 per cent to $114.2m - with stronger mask sales thanks to new products and increased revenue from its Icon air-flow generator devices.

But falling revenues from its legacy SleepStyle flow generator range caused operating revenue for flow generators overall to fall 2 per cent in constant currency terms. Fairfax NZ

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- © Fairfax NZ News

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