GUD Holdings Limited (ASX:GUD) has narrowed its annual net profit and affirmed its commitment to continuing its restructuring program.
The appliance manufacturer’s net profit fell almost 44 per cent to $17.7 million in the 2014 financial year while annual revenue dipped slightly to $591 million.
With the exception of the Sunbeam and Dexion brands GUD reports all business units reported sales and profit growth from the prior year.
Managing Director Jonathon Ling describes the last year as one of transition and says the benefits of the restructuring programs will flow through over the following year.
While Mr Ling says Sunbeam and Dexion’s results are disappointing the company expects a markedly improved performance over fiscal 2015 and beyond.
A fully-franked final dividend of 18 cents per share has been declared, taking the full year payout to 36 cents.