Kitchenware distributor, McPherson's Limited (MCP) said on Thursday it has upgraded its expected first half result after experiencing positive trading conditions in the first four months of the year.
The company said it now expects underlying profit before tax for the half year ended 31st December 2007 to be about 30% higher than the $16.5 million reported in the previous corresponding period.
"The guidance given at the annual general meeting estimated an improvement between 15% and 20%," McPherson's said.
For the financial year 2006-07, the company had a net profit after tax was $20.9 million.
Non-recurring costs of about $500,000 incurred in connection with the previously proposed book printing joint venture with PMP Limited will be expensed in the first half result and is not reflected in this underlying pre-tax profit estimate.
MCP manufactures, imports, exports and markets kitchenware, glassware and other products in the consumer products industry.
Recent acquisitions have allowed it to market a range of beauty products as well as plastic bags, food wraps and aluminium foil.
In addition, the company also has a printing division that provides products including books, loose-leaf printing, greeting cards, stamps and catalogues.
Shares in MCP added 22 cents to $3.41 at 12.48pm Sydney time.
