Methven grows profits by 20% and announces a dividend

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

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