Methven profit in pipeline

Photo / APN

Luxury shower and tapware designer Methven is predicting its annual profit will be 90 per cent above last year's result, at $9 million.

In the year to March 2012 it expected a return to profit for its British division which reported an ebitda (earnings before interest, tax, depreciation and amortisation) loss of £991,000 ($1.87 million) in the latest year.

Last year's result included a $2 million loss from Methven's largest British customer, Focus (DIY), entering voluntary administration.

Net profit to March 2011 was $4.7 million, or $6.7 million with the Focus (DIY) loss excluded. Strategies to expand the British business have been accelerated, with 13 new Methven showroom stockists confirmed and more in the pipeline.