GUD H1 slips amid soft conditions

Company News

Kitchen and cleaning products distributor GUD Holdings Limited’s (ASX:GUD) first half net profit slipped 1.3 per cent to $23 million. 

The company says businesses exposed to the Australian retail trade continue to experience a difficult trading environment and GUD expects conditions to remain difficult in the second half.

GUD’s total group sales rose 4 per cent in the period however underlying profit dropped 13 per cent from the year before.

GUD has restored its dividend to the pre-GFC level of 30 cents per share, fully franked, and says it remains focussed on improving dividends over time.

The company is forecasting this year’s full year underlying earnings will be slightly ahead of last years.

Shares in GUD Holdings dipped 0.54 per cent yesterday, closing at $7.31.