Kathmandu profit rises in first half: Midday roundup

Kathmandu Holdings has recorded a strong rise in first-half profit, the outdoor and adventure retailer announced this morning.

In the six months to January 31, Kathmandu recorded a net profit of $NZ10.331 million ($8.25 million), up by 72% from the previous corresponding period.

In a statement, the company said growth in the full 2013 year is expected to be assisted by “the continuation of growth in the Australian market”.

“Along with the continued growth in online sales, the new stores we opened in a variety of locations and formats have generally met or exceeded our sales expectations,” chief executive Peter Halkett said in a statement.

Halkett also said with the Easter sale still to commence, it is too early to determine any result for the full year.

UGL shares surge on demerger plans

UGL shares have risen more than 8% this morning after the company announced it may demerge its property and engineering divisions.

The company said in a statement it is considering the decision due to a review prompted by growth in the property business.

“Various alternatives from maintaining the current corporate structure, reviewing a potential structural separation or demerger of the company, as well as UGL’s M&A strategy will be considered,” UGL Chairman Trevor Rowe said.

“The board of directors has resolved to undertake a review of the optimal corporate structure under which UGL’s engineering, operations and maintenance and property businesses should operate.”

Shares fall on weak offshore lead

The Australian sharemarket has opened lower this morning, following a weak lead from offshore markets after Cyprus and the Eurozone reached a bailout deal.

The benchmark S&P/ASX200 index was down 40 points or 0.8% to 4,950 at 12.00 AEST, while in the United States, the Dow Jones Industrial Average fell 64 points or 0.4% to 14,447.8.

Rip Curl head and co-founder steps aside

Rup Curl chief executive Brian Singer has stepped down as leader of the company he helped found in 1969.

The business, which recently put a sale on hold, will promote chief operating officer Michael Daly to the head position.

Both Singer and his co-founder Doug Warbrick own a majority of the company, although expect to still sell the business in the future.