A solid lift in sales, increased margins, and lower currency have delivered a record profit for healthcare appliance maker, Fisher & Paykel Healthcare.
One of the breathing masks built by F&P Healthcare to treat obstructive sleep apnea. Photo: Supplied / F & P Healthcare
The company's profit for the six months ended September was up 20 percent on a year ago to $97.4 million, with sales revenue growing faster than overheads.
The results were in line with the company's expectations and matched forecasts from investment analysts.
"We remain on track, with our core product groups delivering a 12 percent increase in revenue, or 9 percent in constant currency terms," Managing Director and CEO, Lewis Gradon said.
Group revenue was $511m, with double digit growth in the North American and Asia-Pacific markets, driven by rising demand for its face masks and other hospital equipment.
It trimmed its full year profit forecast fractionally to between $205m-$210m, which compares with last year's profit of $190.2m, with revenue also expected to rise to $1.07 billion.
Mr Gradon said the second half would depend on health in the Northern Hemisphere.
"At this stage it is too early to predict the severity of the upcoming Northern Hemisphere flu season and therefore we have assumed a moderate flu season in our guidance for the 2019 financial year."
The company increased its first half dividend by a cent to 9.75 cents a share.