Auckland, New Zealand -Â Skellerup Holdings reported group revenues up by 34 percent, to NZ$159 million (â‚¬79 million) for the 12 months ended June 2006. The increase was boosted by acquisitions. Organic growth at the comapny showed 8.3 percent growth. Operating earnings (EBITDA) was 30 percent up, at NZ$31.77 million. The company reported a net profit of NZ$13.4 million.
In February 2006, Skellerup subsidiary Skellmax Industries bought Gulf Rubber for a total price of NZ$32 million, it's largest acquisition to date. The company said Gulf, with activities in Australia and New Zealand, has contributed strongly to group revenue and operating profitability for the year.
Based in Sydney, said Skellerup, Gulf Rubber commands a world-wide market niche in the design and manufacture of highly technical rubber and associated polymer products. Gulf has sales, research & development and some manufacturing operations in Australia and New Zealand with most manufacturing being carried out in Asia under contract.
In addition to Gulf, Skellerup bought Jenco, Thorndon Rubber, Rubber Services and Ambic. Skellerup said these companies have complementary and synergistic capabilities to offer Skellerup, adding to its ability to position itself as a leading global manufacturer and distributor of polymer products and vacuum pumps.
In his chairman's statement, Keith Smith said, "Global growth is expected to remain relatively buoyant through 2006/07, driven partly by increased demand for commodities, especially from developing nations such as China and India. However, the outlook for New Zealand over the coming year is for retail spending to reduce and the general economy to slow.
â€œWe are confident that 2007 will bring further progress towards achieving our
strategic goal of substantially growing the Group.â€œ concluded Smith.
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Listing of press releasefrom Skellerup