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Current as of 06/12/16 07:39PM NZST
The Business Herald’s markets and banking reporter.

Fisher & Paykel Healthcare alters forecast on firm dollar

File photo / Dean Purcell
File photo / Dean Purcell

Medical device manufacturer and exporter Fisher & Paykel Healthcare has altered its profit guidance in response to a strengthening New Zealand dollar.

At its annual shareholders meeting yesterday, chief executive Mike Daniell said the full-year net profit guidance of $62 million to $70 million provided in May was based on the kiwi trading at US75c to US80c against the greenback, which as a result of improved trading conditions would now equate to a net profit of $67 million to $72 million.

A firming New Zealand dollar had the company increase its assumed exchange rate range to between US78c and US82c.

Based on the new rate and improved trading conditions, Daniell said full-year net profit was expected to be in the range of $65 million to $69 million on revenue of between $540 million and $550 million.

At current exchange rates, first-half revenue was expected to be about $265 million, with net profit of $31 million.

"That would represent about 10 per cent net profit growth or about 25 per cent in constant currency terms, driven by a combination of revenue growth and improving gross margins," Daniell said.

The New Zealand dollar was trading at US80.84c against the greenback yesterday afternoon.

F&P Healthcare shares closed up 8c yesterday at $2.04.

This story has been changed from an earlier version that said F&P Healthcare had provided full-year net profit guidance of $67 million to $72 million in May.

- NZ Herald

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