AUCKLAND, New Zealand (Aug. 17) — Technical rubber goods maker Skellerup Holdings reported double-digit growth in earnings and sales last year, based in part on acquisitions made during the year ended June 30.
Skellerup´s pre-tax operating earnings grew 30 percent to $21.2 million while sales increased 34 percent to $106 million. First-time consolidation of acquisitions accounted for about two-thirds of the growth, Skellerup said. Net earnings were $8.9 million.
Skellerup made five acquisitions in the past year, including Australia´s Gulf Rubber in February — its largest purchase to date — and Jenco, Thorndon Rubber, Rubber Services and Ambic. Skellerup said these companies boost its ability to position itself as a leading global manufacturer and distributor of polymer products and vacuum pumps.
"Global growth is expected to remain relatively buoyant through 2006-07, driven partly by increased demand for commodities, especially from developing nations such as China and India," Chairman Keith Smith said in a prepared statement. "However, the outlook for New Zealand over the coming year is for retail spending to reduce and the general economy to slow.
"We are confident that 2007 will bring further progress towards achieving our strategic goal of substantially growing the group," he said.