Breville Group shares drop as H1 profit falls

Company News

Shares in Breville Group Limited (ASX:BRG) have dropped after booking an interim profit fall and cautioning on challenging conditions ahead. 
 
The kitchen appliance manufacturer’s net profit dipped 4.9 per cent to $29.7 million in the first half of the 2015 financial year as revenue declined 5.6 per cent. 
 
Chairman Steven Fisher says the group has continued to work on a number of strategic cost reduction and revenue driving initiatives over the first half. 
 
While the benefits are expected to flow through to the remainder of the financial year the company has warned the second half is likely to see challenging and competitive conditions. 
 
Breville has also advised it will appoint a new CEO shortly and a fully franked interim dividend of 14 cents per share has been declared.