The Wellington-based firm doubles operating revue to $39m in the 12 months ended March 31, meeting its target.

Shares fall, but Rakon says it's on track with cost-cutting efforts.

Annual sales will beat $100 million after its Malaysian business underpins a strong first quarter result.

It will pay the government a dividend of $20 million, down from $27.5 million the previous year.

The deals are to be completed in the second half of 2013 and the majority of funds used to repay debt.