Shower and tapware maker Methven says it no longer trusts credit rating agencies after it was "badly misled" over the financial health of its largest customer in Britain.
The maker of showers and tapware on Friday announced a 39% drop in profit to $4.7 million for the year to the end of March, including a $2 million loss relating to the collapse of UK DIY chain Focus.
Chairman Phil Lough says he heard about the problems of Focus only when it called in administrators.
