Global latex and protective glove manufacturer Ansell has reported a massive sales boost from the Covid-19 pandemic.
The Melbourne company reported sales for the first half year up 24.5 per cent to $1.2 billion (US$937.8 million) driven by rising healthcare and industrial sales.
Healthcare sales were up 37 per cent on the previous corresponding period and industrial sales up seven per cent.
The company reported earnings before interest and tax of $189.4 million for the half, up 60 per cent on the previous period.
Ansell chairman John Bevan said the company had invested heavily in the period to boost production capacity and in sales activities.
“Our focus on manufacturing capabilities, strength of our brands and product as well as broad customer coverage has served us well.
“We were able to deliver better than expected growth across all of our strategic business units.”
During the half the company started five new production lines with eight more expected in the second half.
However the company continues to only manufacture overseas despite the critical nature of its products to public health.
“We have focused our cash deployment towards investing in working capital to support top-line growth and expanding capacity to meet customer requirements in high demand areas.
“Despite the large levels of investment we maintain a low leverage of 0.7 times net debt/EBITDA and around US$560 million of liquidity as as 31 December.”
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