Skellerup posts another record profit, avoids US tariffs, Iran war fallout

Skellerup, a rubber goods manufacturer, has announced record earnings for the year ended June, marking its tenth consecutive year of profit growth. Chief executive Graham Leaming highlighted the exceptional result, with record earnings in several business segments. The company managed to avoid the worst effects of US tariffs and navigate the fallout from the Iran war.

Leaming attributed the strong performance to overcoming sourcing challenges due to the Middle East conflict and fluctuating tariffs. He emphasized the company's international presence, with over 80% of revenue generated from international markets, and more than half of its workforce located in overseas markets. This global reach allows Skellerup to quickly adapt to market needs and make informed decisions.

The industrial goods division, which produces water pipes, roofing, construction materials, and liquid waste systems, accounted for about two-thirds of revenue. It reported record sales and robust growth in the US market. The division successfully mitigated the impact of tariff increases through inventory management, cost control, and strategic pricing adjustments.

Skellerup's agri-division, responsible for milking system components and the popular gumboots, also achieved record earnings. The division overcame raw material supply issues caused by the Middle East conflict. The overall improvement was further boosted by a $3.5 million one-off gain from an insurance payout.

While no forecast for the next year was provided, Leaming stated that the company would continue its diverse product range and strong international market strategy.