Home > Ansell profit falls by 70%

Ansell profit falls by 70%

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Protective clothing and condom maker Ansell has posted a 70 per cent fall in full-year net profit, following pre-flagged restructuring costs.

AAP reports the company’s profit fell to $US41.8 million ($A45.23 million) in the year to June 30, from the figure of $US139.2 million ($A150.61 million) in the previous year.

In June, Ansell announced a $US125 million ($A135.24 million) global restructure which included the transfer of the Australian headquarters of its sexual health division to Brussels; the cutting of 100 products; and the axing of 300 jobs.

Excluding the restructuring costs, underlying profit rose by 13 per cent to $US157 million ($A169.87 million). And the company expects to increase earnings by between seven and 15 per cent in FY 2015.

“Our results were underpinned by successful acquisitions and delivery against our innovation strategy with new product releases driving encouraging 4 per cent organic growth in hand protection," Ansell chief executive and managing director Magnus Nicolin said.

"In addition, the recent restructuring has created an opportunity to streamline parts of the business and improve our focus on the verticals where we see greatest growth potential."

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