Graham Leaming
Level 3, 205 Great South Road, Greenlane, Auckland 1051

Skellerup Holdings Limited Analysis


Founded more than 100 years ago, Skellerup maintains its headquarters in New Zealand, with operations in North America, Asia, Europe, Australia and New Zealand.

Skellerup designs, manufactures and sells engineered polymer products and vacuum systems for customers in dairy rubberware, water and related infrastructure, roofing, plumbing, automotive, mining, sporting, health and a range of other applications.


The following information was extracted from Skellerup Holdings Limited's Half Year results, released on 15 February 2024:

Skellerup announced today unaudited net profit after tax of $21.6 million for the six months ended 31 December 2023, a decrease of 6% on the prior comparative period (pcp).

Key points for the six months ending 31 December 2023

  • Revenue of $157.5 million, down 5% on prior comparative period (pcp)
  • Earnings before interest and tax (EBIT) of $31.6 million, down 6% on pcp
  • Industrial Division EBIT of $22.9 million, a record result up 7% on pcp
  • Agri Division EBIT of $11.9 million, down 19% on pcp
  • Corporate costs of $3.1 million, up $0.6 million on pcp
  • Net profit after tax (NPAT) of $21.6 million, down 6% on pcp

Operating cash flow of $36.5 million, a record result up 81% on pcp

  • Net debt of $26.4 million, down $12.6 million on the prior half year
  • Interim dividend of 8.5 cents per share (an increase of 0.5 cps), up 6% on pcp
  • FY24 NPAT expected to be similar to the prior year record result
  • David Mair stepping down as CEO on 31 March 2024 (whilst remaining on the Board). Graham Leaming appointed as CEO

David Mair commented. “The first half of FY24 produced mixed results. Our Industrial Division achieved another record half year result and the fifth consecutive increase in half year earnings. Our Agri Division suffered from an unexpectedly prolonged destocking programme in international markets. Despite the contrasting outcomes, the focus for both Divisions is the same. Our strategy and priority are to work closely with customers, not only to meet their current needs for existing products but also to understand future needs, to ensure our development efforts are customer-led. We also continue to standardise and improve processes”.

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