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GUD Holdings Limited, manufacturer of the Sunbeam-brand appliances and Victa lawnmowers, announced a 63 percent increase in reported net profit in the year ending June, 30 2004 to U.S. $35.5 million from $21.8 million in 2003.
Directors announced a 53 percent increase in the final dividend to $0.23 per share from $0.15. "The strong profit growth has come from our major business units and reflects a number of positive internal initiatives and buoyant trading conditions. We’ve achieved our goal of delivering double-digit profit improvement," Managing Director Ian Campbell said.
According to the company, the strong growth in sales in Sunbeam and Victa resulted from a combination of Sunbeam's continuing active new product development program and Victa benefiting from recovery in the mower market as drought conditions eased.
In a growing small appliances sector, Sunbeam increased market share growth came from coffee machines, electric blankets, portable heating, and irons. The company said the closure of a New Zealand electric blanket factory and future supply arrangements enabled Sunbeam to access new technology electric blankets and to supply a more cost competitive traditional product.
The company said continued introduction of new products and categories under the Sunbeam brand should ensure sustained profit growth in 2004.
Additionally, Victa launched a revamped range of mowers for mowing contractors and developed and marketed a new product for export markets. With more normal seasonal conditions, further new product activity, export growth, and a lower cost structure, the company said Victa should generate solid profit growth in the next year.
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