GUD Holdings (ASX:GUD) FY10 NPAT Up 33%

Sydney, July 26, 2010 AEST (ABN Newswire) - Shares in GUD Holdings Limited (ASX:GUD) closed 3.41 per cent higher as it said net profit after tax (NPAT) was up 33 per cent to a record A$46.4 million for the year ending 30 June 2010, up from A$34.8 million in the prior year. The strong result is attributed to a combination of margin expansion, continued tight cost control, a reduction in interest costs and modest sales growth.

Earnings before interest and tax (EBIT) increased 18 per cent over the prior year to A$71.6 million, with improvement coming from all business segments, with the standout being a 31 per cent increase in the Davey Water Products business.

Consumer products revenue declined marginally due to a combination of withdrawal from a number of underperforming personal care categories in small appliances and lower sales of seasonal products. But consumer product EBIT was up 13 per cent to A$33.9 million.

Sales growth occurred across most businesses despite patchy trading conditions in the second half, Managing Director, Ian Campbell said.

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