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Performance Overview

Chairman's Report

The Group has achieved a first quarter profit after tax of $20.3m compared to $22.4m in the prior year, with a resulting EPS of $0.10 compared to $0.11.

Revenue and gross profits were affected by sales mix and the timing of shipments to international markets. We are in the process of transitioning to a new distribution model in our European markets. De-stocking in specific countries resulted in the deferral of some export orders to the second quarter. We expect to realize the benefits of changes to this distribution network as the year progresses and market relationships continue to develop.

Expenses have been well managed to maintain profitability, and the Group has closed the quarter with healthy retained earnings of $577.0m and a strong asset base of $983.9m.

Gerald Yetming
April 23, 2015