Davey Lifted Profitability

05.08.2004

According to the Full Year Results Announcement of GUD Holdings Limited for year ended 30 June 2004, Davey lifted profitability despite a combination of lower returns from export markets and a more subdued market for Firefighter® pumps in Australia.

The improvement came from new product growth and tight cost controls.

At the end of April 2004 Davey completed the acquisition of Spa-Quip, a business dedicated to serving the needs of manufacturers in the spa pool industry. This acquisition is a complementary bolt-on to Davey's current activities in the spa bath market. Davey brings access to international markets to Spa-Quip, while Spa-Quip provides Davey with a broader product range it can offer to its established customer base. There are operational efficiencies to be achieved between the two businesses and these are being implemented.

Davay is company of the GUD Holdings Limited. The holding announced a 63 percent increase in reported net profit in the year ending 30 June 2004 to $35.5 million from $21.8 million in the previous year and a substantial lift in dividend payments.

Earnings before interest and tax excluding individually significant items rose 41 percent to $62.6 million from $44.3 million previously. The uplift in operating earnings was reflected in GUD’s EBIT to sales margin, which increased to 15.9 percent from 11.9 percent.

Directors announced a 53 percent increase in the final dividend to 23 cents per share, fully franked, from 15 cents. The annual payout to shareholders has increased 54 percent to 40 cents per share, fully franked, from 26 cents previously. The dividend is well covered by earnings per share before significant items, which increased 51 per cent to 68.6 cents from 45.3 cents. The dividend payout on earnings before significant items remains relatively conservative at 58 percent.

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