Methven gives further guidance on collapse of UK customer
Methven, New Zealand's oldest and largest supplier of tapware, has lost 5 percent of its sales from the receivership of one customer in the United Kingdom.
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Methven, New Zealand's oldest and largest supplier of tapware, has lost 5 percent of its sales from the receivership of one customer in the United Kingdom.
The company first disclosed the hit from the failure of Focus (DIY) Ltd, yesterday and today gave further guidance.
"We have estimated the immediate financial implications to be in the range of a $1.3 million to $1.7 million reduction in profit after tax, plus a non-cash intangible asset impairment in the order of $400,000 after tax," the company said.
Focus represented 16 percent of Methven's UK sales and 5 percent of group sales in the last financial year.
The UK market has been difficult and the company appointed a new executive to head its business there late last year.
Methven's share price fell 7 cents, or 4.64 percent, to $1.44 today.
NZPA
Fri, 06 May 2011
Fri, 06 May 2011
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Methven gives further guidance on collapse of UK customer
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