McPherson’s Ltd (MCP) yesterday joined the downgrade club, cutting its first-half profit guidance, but also escaped the wrath of the market.
The consumer products company told the ASX yesterday that it now expects earnings per share to be approximately 9.7c over the six months, against a previous guidance of around 11.7c.
But the company maintained its forecast that full-year EPS will come in above the previous year’s, in the range of 16.5c to 17.5c in comparison with the prior year’s underlying EPS of 15.9c, driven by “substantially” better underlying EPS in the second half of the financial year.
The company also said its dividend policy – to distribute at least 60% of the company’s net profit after tax to shareholders – remains unchanged.
The company will issue its interim results on February 24.
Investors reacted calmly to the announcement, with the shares up 0.4% at $1.185.
MCP 1Y – McPherson’s cuts H1 guidance
