Fisher and Paykel: hope rests on Australia and China

By Keri Algar

SYDNEY, NSW: Fisher and Paykel addressed its shareholders earlier this week at its Auckland corporate offices – giving shareholders an opportunity to see the product range as well as “cutting costs”, according to its chairman Ralph Waters.

Reducing costs was on the list of short term priorities for the company, which also included recovering the loss of market share in Australia.

Despite registering a positive start for the current financial year, shareholders heard the company was concerned over market uncertainties in New Zealand and the United States where economic recovery had been slower, and is predicted to continue lagging.

While consumer confidence remains subdued the New Zealand appliance maker said it was hopeful for future revenue growth in Australia where the economy was less affected.

It is a similar story in China where the company is optimistic for growth.

Fisher and Paykel commenced the distribution of Haier products in Australia on 1 April 2010 and in spite of a slow transition period, sales saw a rapid improvement in July and August, said newly appointed CEO Stuart Broadhurst.

 

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