Scott Technology is citing one-off strategic review costs and higher lease and financing costs for a 42% drop in after tax net profit to $4.5 million for the six months to February 29.

Group revenue was up 11% at $141m, while operating ebitda increased 14% to $17m.

An interim dividend of five cents per share was declared, up from four cents in the corresponding period last year.

In an announcement to the NZX, the company said forward work of $161m remained positive, comprising materials handling and logistics, minerals, protein orders and service agreements.

Forsyth Barr described it as a “reasonable” result, overshadowed by the optics of both the chief executive and chief financial officer departing in quick succession and the strategic review yielding no significant new insights.

Themes within the segments were as expected with weakness in protein, worse than expected, and other divisions doing better.

Protein (formerly meat) segment revenue fell 9% to $31.3m, minerals (formerly mining) segment revenue was up 53% at $25.6m and materials handling and logistics revenue increased 35% to $62.7m.

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