21 Nov 2014

F&P expects big demand for health products

7:39 am on 21 November 2014

Fisher & Paykel Healthcare expects to see a 20-fold increase in the number of patients using its key respiratory and acute care products within 10 years.

The healthcare manufacturer's appliances and consumable products including masks accounted for almost all of the company's $317.5 million of sales in the first half of the year ended in September, delivering a record profit $48.91 million.

Chief executive Michael Daniell said the company would spend $50 million on new tools and research and development in 2015 as part of its ongoing strategy to stay ahead of the competition.

In about 12 to 18 months, it would roll out a new range of products - the largest number in the company's history.

Fisher & Paykel Healthcare's share price rose to a record $5.80 following the result, before ending 14 cents higher at $5.76 yesterday.