Corporate interruptus for Ansell
ANSELL has suffered its biggest market rout in almost three decades after the condom and glove maker warned it was being buffeted by “unfavourable” exchange rates.
Shares in the group tumbled 15.8 per cent yesterday, wiping $600 million from its market value, after management delivered the weaker than expected outlook.
The warning came as Ansell reported earnings before interest and tax for the year to June of $331 million.
While the tally was up almost 20 per cent on the previous year, it fell short of the company’s target for a growth rate in the mid-to-high 20s.
Ansell, which is based in Melbourne but carries out much of its corporate business in the US, posted a net profit of $US187.5 ($254.5) million.
It was an increase of 349 per cent on the previous year, when the company took a $US123 million hit for restructuring.