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Ansell upgrades guidance as profit lifts

Stuart Condie  |  12 Feb 2018Text size  Decrease  Increase  |  
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MELBOURNE - [AAP] Protective gloves and clothing supplier Ansell (ASX: ANN) has lifted its full-year outlook for earnings per share from its continuing businesses and says the group is well placed for growth from existing operations, and acquisitions.

Ansell has lifted its full-year earnings per share guidance to a range of 96 US cents to $US1.06, ($A1.23 to $A1.37) up from its previous expectation of 91 US cents to $US1.01.

The company says the lift in guidance relates to the company's share buyback to date and a lower tax expense following US tax reform, plus the group's underlying business is performing in line with original forecasts.

On Monday it reported a net profit of $US428.2 million ($A547.97 million) for the six months to December 31--up more than 500 per cent--after the company benefited from a $US411.5 million pre-tax gain on the sale of its sexual wellness (condoms) business.

Excluding discontinued operations, Ansell's net profit has risen 23.8 per cent to $US66.6 million.

Chief executive Magnus Nicolin says the first half of the financial year has been pivotal for Ansell as the group completed the sale of its condoms business and restructured its core healthcare and industrial divisions.

"We have once again been in a position to increase the dividend to shareholders and note the strength of our balance sheet which positions us well for value-adding capital management and acquisition activities," Mr Nicolin said in a statement on Monday.

Shares in Ansell were 27 cents, or 1.09 per cent, lower at $24.55 at 1136 AEDT.

GAIN FROM CONDOMS SALE HELPS BOOST ANSELL PROFIT

* Total first-half revenue down 1.2pc to $US766.4m

* Revenue from continuing operations up 8.8pc to $US722.2m

* Net profit up 513.5pc to $US428.2m

* Net profit from continuing operations up 23.8pc to $US66.6m

* Interim dividend of 20.50 US cents per share, partly franked, up from 20.25 US cents

 

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