F&P expects buoyant result

Whiteware manufacturer Fisher & Paykel Appliances said yesterday it expects its full-year result to beat analysts' expectations.

"Sales post-separation have been buoyant and, together with efficiency gains, margins have been lifted in a strong finish to the financial year," F&P Appliances said.

It was due to report on June 7 for the year to March.

Multex Global Estimates said average analyst forecasts were for a net profit for the year of $32.5 million.

Shares in the appliance business, which was spun off from parent Fisher & Paykel Industries in November, rose 30c to $9.30 following the announcement, against a year high of $11.15 and a low of $8.85.

The business recorded revenue of $349.7 million for the six months to September 30.

Revenue from markets outside New Zealand and Australia rose 75 per cent to $87.1 million - mostly due to growth in the United States.

Trading profit for the same period was up 26 per cent at $17.1 million.

Meanwhile, F&P Appliances said it had signed an agreement with Whirlpool to market and promote its DishDrawer product under the Whirlpool and Bauknecht brands in Europe.

John Bongard, managing director of F&P Appliances, said he was delighted with the partnership, which further strengthened the firm's export position.

Whirlpool Corp, the world's biggest home appliances manufacturer, already had a well-established distribution network in the high-end European market.

Steve Brown, Whirlpool Europe's director of fabric care and dishwashing, said the DishDrawer complemented Whirlpool's existing dishwasher line.

"Its unique benefits will enable us to better compete at the top end of the European dishwasher market," he said.

The innovative two-compartment dishwasher has won fans among American Jews as the separate units enable them to observe kosher dietary requirements by keeping dishes for meat and dairy separate.

Fisher & Paykel began business in 1934 as an importer of refrigerators and washing machines, and in 1938 started manufacturing whiteware.

- NZPA