Breville half-year net profit up by 14.1%

Breville stocks have soared by nearly 20 per cent in early trade after the company reported a 14.1 per cent spike in first-half net profit that was bolstered by growth in its global product and distribution segments.

The small home appliance company lifted its net profit to $49.7 million for the six months to December 31, with total revenue up 25.4 per cent to $552 million.

Breville also lifted its partially franked interim dividend to 20.5 cents per share, up from 18.5 cents per share last year.

The firm saw its beverages, cooking and food preparation categories all post double-digit revenue growth new products Barista Pro and Bluicer were rolled out globally, as well as a new microwave range in North America.

Chief executive Jim Clayton said the "solid" result continued trends seen during the past few reporting periods.

"We had good growth across all regions and categories and continued to deliver double-digit EBIT growth," he told the ASX on Thursday.

"Successful European expansion continued, diversifying our global footprint and adding growth and resilience to the portfolio."

Breville said its manufacturing partners in the Chinese city of Shenzhen were implementing government-required processes to minimise exposure risk to the coronavirus.

But the company, which has no manufacturers or suppliers in Hubei province - of which Wuhan, the epicentre of the virus, is the capital - said the outbreak had not affected its inventory position.

Breville stocks on the ASX jumped by $3.77, or 18.87 per cent, to $23.75 at 1037 AEST on Thursday.

Austrlaian Associated PressBack to Breaking News

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