Appliance maker Fisher & Paykel Appliances returns to profit but earnings were flat with conditions expected to remain fragile.

Fisher & Paykel Appliances chairman Ralph Waters today sounded a note of caution about the company's full year results amid concerns about deteriorating economic conditions across all key markets.

While stopping short of giving a profit warning, Mr Waters said the company was forecasting full year earnings before interest and tax at the lower end of analysts’ guidance range of between $45-52 million.

Fisher & Paykel Appliances’ net profit for the year has almost halved, down from $33.8 million to $18.0 million.

Despite the profit drop, which was within the company's guidance range of $16-$23 million, the business did pick up in the second half of the year with an operating profit before interest and tax of $23.7 million, compared to $5.7 million in the first half.

The company reported an after tax loss after impairments and other one-off items of $83.3 million, compared to a $95.3 million loss in the previous year.

Stuart Broadhurst has been appointed managing director and chief executive of Fisher & Paykel Appliances, replacing John Bongard who announced his retirement in late September.

Mr Broadhurst, 43, who has been chief operating officer at the company since the start of this year, was widely expected to fill the role.

F&P chairman Ralph Waters said a board sub-committee screened a wide range of candidates and the final contenders were interviewed by the full Board.