31 Jul 2014

3-point plan for Methven Group

8:55 am on 31 July 2014

Methven Group is working on a three-point plan to increase the manufacturer's revenue and earnings, new chief executive David Banfield has told the company's annual meeting.

In his first address to shareholders, David Banfield gave a 40-minute presentation at the company's annual meeting on Wednesday.

The company expects modest revenue and earnings growth this year but Mr Banfield said he's confident the new China-based, Methven Heshan operation, can add $US2 million a year year to the company's net profit.

He said the company will also work to increase its market share and build brands in New Zealand, Australia and Britain.

"The business had a difficult period where we've had 5 years of revenue decline and actually there's a part of bringing confidence back to the business and helping the business recognising how good it is. We have a fantastic product and we just need to make sure that our execution itself is really first class at the point of purchase.

The second area is making sure that we understand what our customers need, be they resellers or be they consumers. We have to reflect their needs in the products we bring to market.

And the third is organisationally - giving everyone a clear plan for the next three years so everyone knows where we're going, what we're doing and how we're gong to do it," Mr Banfield said.