Breville Group Limited reported continued growth in earnings with 10% rise in earnings before interest and tax to $86.9 million, taking the BRG stock up by 12.54% to trade at $13.10 on ASX.
An Australian provider of small electrical appliances announced their result for financial year ending 2018 on 16 August 2018. The net profit of the company increased to $58.5 million in comparison to $53.8 million in FY17. EBIT margin was slightly higher at 13.3% while basic earnings per share were up by 8.7% to 45 cents per share.
Despite being negatively impacted by the launch of brand Sage in Germany and Austria, the company noted double digit growth in revenue, primarily flowing from new product releases.
Group revenue was up 7.7% to $652. 34 million associated with 13.4% growth in Global Product segment revenue. This significant enhancement in global product segment revenue reflected the solid growth of 16.3% in North American region, followed by 9.1% and 10.7% increase in Australia and New Zealand (ANZ) and Rest of World, respectively.
Company posted net cash of $58.0 million at 30 June 2018, higher than $41.3 million in financial year 2017. Return on equity was 21.6%.
The Board of Directors declared final dividend of 16.5 cents per share, 60% franked, in addition to interim dividend of 16.5 cents per share, overall up by 8.2%. This final dividend is payable on 5 October 2018 with a record date of 14 September 2018.
Along with FY18 result announcement, the group also confirmed the appointment of Mr. Peter Cowan as new independent non-executive director of Breville Group Limited, with effect from 1 September 2018. With over 30 years of experience in FMCG sector, Mr. Cowan formerly held a position of Regional Vice President at Alberto Culver and Johnson & Johnson.
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