McPherson’s reports drop in sales revenue

Company News

by Kathy Skantzos

Health and beauty product company McPherson’s (ASX:MCP) has reported in its unaudited half year results that its sales revenue has dropped 7.7 per cent to $106 million compared to $115 million the same time the previous year.

Underlying profit after tax was down for the first half of the year to $7.3 million compared to $7.9 million for the same period in the previous year.

However, underlying profit before tax reached $11 million, which is the same as the same time in the previous year.

The company says this is a better-than-expected result as it previously forecast its first half FY2018 underlying profit after tax would be in the range of a 10 to 15 per cent loss on the previous year’s results.

The results include the discontinued operation of its home appliances division, which is in the process of being sold off for $28 million.

Shares in McPherson’s (ASX:MCP) are trading 8.79 per cent higher to $1.30.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.