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F&P Healthcare profit up 37 percent - a record - sees big lift in 2021

June 29, 2020 12:41 pm

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.

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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.

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