Fisher & Paykel Healthcare's (ASX:FPH) profit surges 82% on a puff forecast

Company News

by Melissa Darmawan

New Zealand medical-maker Fisher & Paykel Healthcare (ASX:FPH) reports its full-year profit soared 82 per cent for the year ended 31 March, thanks to a spike in demand for its respiratory devices to hospitals.

The $18.8 billion New Zealand dollar market-cap company reported their net profit was a record NZ$524 million with revenue rose 56 per cent from the previous year to NZ$1.97 billion.

The company could not provide an earnings forecast for its 2022 financial year due to ongoing uncertainties of the vaccine roll out, lockdowns and emerging covid-19 variants as hospitals ‘return to normal’.

CEO Lewis Gradon said “it has been an extraordinary year”.

“The unprecedented result was driven by our hospital product group, which includes Optiflow and Airvo systems used to deliver nasal high flow therapy. Sales of our hospital hardware and consumables have continued to track COVID-19 hospitalisation surges in countries around the world”.

The board has approved a profit-sharing bonus to employees of NZ$29 million to recognize the efforts posed during the pandemic.

The optimistic figures prompted the company to bolster up their full-year dividend by 42 per cent to 22 cents per share to be paid on 7 July.

Shares in Fisher & Paykel Healthcare (ASX:FPH) are trading 9.9 per cent lower at $26.78.