10 Oct 2014

Scott's annual net profit more than halved

9:24 am on 10 October 2014

Scott Technology's annual net profit more than halved, thanks the a sharp downturn in the mining industry and the strong New Zealand dollar.

However, the company's second-half result was twice that of its first half.

Annual net profit fell to $2.5 million in the year ended August from $5.5 million the previous year.

Scott Technology makes equipment for the mining industry, robotic processing equipment for the meat industry and assembly lines for manufacturing appliances.

Chief executive Chris Hopkins said a number of factors added to the second half's bottom line.

"Typically our second half is stronger than the first half, as a manufacture we close down over the Christmas period so that first half is a shorter period for us."