Methven grows profits by 20% and announces a special dividend
Methven Chairman Phil Lough today announced that its sales had grown by 7.8% (constant currency 4.4%) and Net Profit
After Tax by 20.4% (constant currency 19.7%) in the period from April to September 2015. David Banfield Group CEO
commented “During our Annual Shareholder Meeting in July, we set out our plan to grow sales to $130 million per annum by
June 2018 and Net Profit towards our longer term target of 10% of revenue. These results are in line with this plan and
our full year guidance, and are a positive step on our journey to deliver industry-leading standards for our customers,
shareholders and team.”
Having recently changed its balance date, Methven’s formal half year results were not due to be released until February
2016. Mr Banfield explained “We felt it important to update the market on our first six months’ performance in this
transition year to ensure that up-to-date top-line information was available for current and prospective investors.”
The Board were also pleased to announce that Methven will pay a one-off special dividend of 3 cents per share (fully
imputed), payable in December, with further half year and full year dividends payable in March and September 2016. “We
are systematically improving the business and the additional dividend recognises current performance and our confidence
in Methven’s long term prospects” commented Lough.
Methven also announced the release of its new dividend policy that sets out its intended pay-out ratios for dividends
during the current Strategic planning cycle in order to give further clarity around targeted returns to shareholders.
ENDS