Fisher and Paykel has increased its earnings guidance for the year on the back of its better-than-expected fiscal performance in recent months.
The medical technology firm now expects its net profit after tax to be approximately NZ$97 million (48.28 million pounds) for the financial year ending March 31st 2014. Its previous guidance forecast profit levels to be in the range of NZ$90 million to NZ$95 million.
“Fisher and Paykel has raised its earnings guidance for the current business year, while also announcing plans to expand its manufacturing facility in Mexico.“
Additionally, the company revealed it will be expanding its available manufacturing area in Tijuana, Mexico. The NZ$4 million work will increase its manufacturing area by two-thirds, accommodating the installation of extra manufacturing equipment over the next three years.
This will allow for the increased creation of products such as breathing systems and masks. It is expected that the plant will be manufacturing approximately half of the company's consumable product volume within 36 months.
Michael Daniell, Fisher and Paykel Healthcare's chief executive officer, said: "We have brought forward the expansion of the Tijuana facility to ensure that we can meet anticipated demand as a result of strong customer acceptance of [our] products."
In November, the company published its financial results for the first six months of the current business year, during which it achieved record-breaking figures and double-digit growth.See all the latest jobs in Medical Devices