28 Feb 2019

Today's business news: What you need to know

5:21 pm on 28 February 2019

Latest - Tapware designer Methven's posted a lower half year profit but one off costs were behind the fall.

Reported net profit was down 24 percent to $2.4 million for the six months, although non-recurring costs took $1m off the bottom line.

Underlying profit rose almost eight percent once the one-offs were cut off.

The company said revenue overall was up with strong sales in the UK and China making up for slower tapware sales in the New Zealand and Australian markets.

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Geo posts $4.5m net loss

The workforce software service company says it's approaching break-even, with cash in the bank and in a debt-free position at the end of the first half.

However, Geo has made a much larger net loss of $4.5 million in the six months to December, up 61 percent on the year before.

But revenue is up 44 percent to $1.7 million, reflecting a 29 percent increase in recurring subscription revenue.

The company said most of its customers on new pricing plans and it's focused on growing customer numbers.

NZ windfarms posts $20k net loss

New Zealand Windfarms has made the loss as it grapples with a volatile wholesale electricity market.

The six-month loss compares with a profit of $13,000 the year earlier.

However, sales are up by more than two million to $6.4m.

The company said market volatility is its biggest business risk, especially when coupled with variable wind supply.