Skellerup's first-half figures show end to recession

ERJ staff report (DS)

Christchurch, new Zealand -- Skellerup has reported a net profit after tax (NPAT) of NZ$9.8m for the six months ended 31 December 2010, compared with $3.3m for the half-year to December 2009. This is three times that achieved in the previous corresponding period (pcp), and 53.6% more than that achieved during the six months to 31 December 2008.

Continuing Operations Revenue was up 12.9% against the pcp, at $96.3m, but 2.6% down on the six months ended 31 December 2008.

Chairman, Sir Selwyn Cushing, said the improvement in revenue and NPAT during the six months under review reflects the marked improvement in trading conditions experienced, together with benefits arising from the continued focus and investment in product development across the board during the recessionary period. Cost containment had also been implemented where appropriate. “Our Industrial division has recovered very well, with revenue up 15.6% and earnings at the EBIT level up two and a half times.”

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Press release from Skellerup