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Focus collapse felt as far away as New Zealand

New Zealand tapware manufacturer Methven said the failure of its biggest UK customer would slice as much as $1.7 million off full-year profit and result in a $400,000 impairment.

Focus (DIY), a chain of hardware stores in the UK, was placed in administration this week after breaching terms of its debt.

The loss of the key customer will hit profit by $1.3 million to $1.7 million and the impairment charge is against the value of the receivable owed to Methven and inventory, it said.

Focus accounted for 16% of Methven's U.K. sales and 5% of the total revenue for Methven last year.

"We believe we have made a conservative assessment which is appropriate given the uncertainty surrounding the future of the Focus business at this time, including its ability to continue to trade," the company said.

"The UK market has been experiencing difficulty for some time due to the economic conditions that have existed since 2008," it said.

Source : TVNZ Business News

09 May 2011
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