In New Zealand, profit dropped 21 percent to $3.04 million as sales slipped 1.6 percent to $32.11 million. Methven said the performance was below expectation as a key customer further reduced their stock holdings in the final quarter.
Across the Tasman, Methven increased profit from Australian operations 23 percent to $1.59 million, while sales rose 2.9 percent to $36 million. The company raised prices in Australia to offset the decline in the Australian dollar against the US currency.
The company narrowed its loss in the UK market to $276,000 from a loss of $1.1 million a year earlier, as its sales increased 5.5 percent to $23.2 million.
Profit in its China market increased 20 percent to $72,000, while "expected revenue growth has not materialised" and sales slipped 3.5 percent to $385,000. The company closed its standalone Xiamen office, with back-office functions to be managed from its Methven Heshan operations.
Methven also announced Peter Stanes will end 11 years on the Methven board effective July 15, to be replaced by Norah Barlow, former chief executive of Summerset Holdings. Methevn boss Banfield will also join the board as a director. The board declared a dividend of 4 cents per share.
Shares of Methven rose 1.7 percent to $1.18 and have gained 2.6 percent since the start of the year.