Skellerup reports solid 2014 resuls

Auckland , New Zealand – Skellerup Group has announced its annual results, reporting a net profit after tax (NPAT) of NZ$41.1 million (€27.4 million), up 116 percent from the $19.0 million for the previous year.

However, the company said the result was positively impacted by a $20.4-million gain from settlement of the Canterbury earthquakes insurance claim.

“Excluding the impact of this earthquake related gain, NPAT was $20.7 million, up 9 percent on the prior year and despite absorbing the large $1.6 million net cost for settlement of a historical product claims,” added the report.

The group’s revenue was up by a more modest 4 percent on the previous year, to $196.6 million, said the release, adding that the solid results were due to a “substantial strengthening” in the New Zealand dollar.