Fisher & Paykel pulls market significantly higher

The S&P/NZX 50 Index rose 87 points, or 0.77%, to 11,395.35. Turnover on the main board was $176 million.

In its August trading update, Fisher & Paykel told the market to expect revenue to be $670m due to many of its customers already being stocked up on hospital products but today reported revenue of $690m.

Devon Funds head of retail Greg Smith said Fisher & Paykel’s revenue increase had been small but because the market’s expectation had been “muted” heading into the result, the modest increase was happily received.

“Obviously the revenue and earnings have fallen significantly, but they've held it better than expected,” he told BusinessDesk.