Shares in respiratory products maker Fisher and Paykel Healthcare spiked sharply to a new high after the company reported a 37 per cent incease in net profit to $287.3 million in the year to March.
F&P Healthcare expects net profit to swell to $325 to $340m for the 2021 year.
By late morning, the stock had rallied by 70c or 2.2 per cent to $32.20 after earlier hitting $33.45. Shares in the company have more than doubled in price over the last 12 months.
The March 2020 net profit compares with the company’s own earnings guidance of $275m to $280m.
The company, whose sales have been boosted by the Covid-19 outbreak, said its revenue for the 2021 financial year would be about $1.48b.
Capital expenditure would lift to $160m. The company’s fourth manufacturing facility in New Zealand has been completed.
With a market capitalisation of over $18 billion, F&P Healthcare is the sharemarket’s biggest company.
