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Highlights:
- Fisher & Paykel has signed an agreement to buy a second New Zealand campus.
- It will complement its current headquarters at the Highbrook development in East Tamaki, Auckland.
- Meanwhile, shares of Fisher & Paykel were trading 1.43% higher at AU$17.76 each on ASX today at 11.31 PM AEST.
Fisher & Paykel Healthcare Corporation Limited (ASX:FPH) announced today (01 September) that the company has signed an agreement to buy a 105-hectare site in Karaka, Auckland, for AU$275 million.
In an ASX filing, Fisher & Paykel informed that it would build a second New Zealand campus to complement its current headquarters at the Highbrook development in East Tamaki, Auckland.
The new campus will be built over a 20 to 30-year period, with the first five years focusing on earthworks and essential infrastructure.
Meanwhile, shares of Fisher & Paykel were trading 1.43% higher at AU$17.76 each on ASX today at 11.31 PM AEST.
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 01 September 2022
The Karaka land purchase is subject to Overseas Investment Office (OIO) approval and will be funded through a combination of operating cash flow and financial facilities. The site is currently zoned mixed.
A 10% deposit is required at the time of signing, and the balance will be paid on staggered settlement dates (with most of the money scheduled to be paid in the first half of the fiscal year 2024).
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 01 September 2022
A recent development by Fisher & Paykel
Last month (on 19 August), Fisher & Paykel shared its revenue and net profit after tax guidance for the first half of the 2023 financial year ending 30 September 2022.
The company expects lower sales and profitability for the half-year to the end of September compared to the same time period last year. Also, the company expects operational sales of around AU$670 million for the first half of the year, with a net profit after tax of between AU$85 and AU$95 million.
For context, the corporation reported $900 million in revenue and a net profit after tax of $222 million in the first half of its fiscal year 2022.
Fisher & Paykel stated its gross margins were likely to be about 60%, which was lower than the company's long-term aim of 65%.
According to the firm, this was due to increased freight and COVID-19 expenses and some manufacturing inefficiencies.
