Bosses Rebuilding

Fisher and Paykel Healthcare said its first-half net profit shot up by 86 per cent to $225.5 million, driven by demand for its respiratory products arising from the Covid-19 pandemic.
The company said that based on stronger hospital hardware sales to date its net profit for the full year was forecast to be $400m to $415m, up from its August forecast of $365m-$385m.
F&P Healthcare said the result was driven by increased demand for the company's hospital hardware, in particular its "Optiflow" and "Airvo" systems.
"This reflected a shift in clinical practice toward using nasal high flow therapy as a front-line treatment for Covid-19 patients in hospital," it said.
In the hospital product group, which includes products used in acute and chronic respiratory care and surgery, operating revenue grew 93 per cent over the first half of the previous financial year to $681m.
Hospital products made up three-quarters of the company's operating revenue.
"Sales in hardware and consumables continued to track surges in Covid-19 globally, as the virus moved across Europe, North America, South America and South Asia," chief executive Lewis Gradon said.
In the homecare product group, which includes products used in the treatment of obstructive sleep apnea (OSA) and nasal high flow therapy in the home, operating revenue grew 5 per cent to $226.2m.
Gradon said since the pandemic started, many sleep clinics have been closed, resulting in a reduction in new patient diagnoses.
He said the company's "F&P Evora" and "F&P Vitera" masks for OSA had yet to reach their full potential.
A reduction in gross margin for the six-month period to 61.7 per cent was due to the increased use of air freight and the elevated costs associated with it.
Excluding these additional freight costs, gross margin was in line with the first half of the previous financial year in constant currency terms.
F&P Healthcare declared an interim dividend of 16 cents per ordinary share, up 33 per cent on the interim dividend last year.
Gradon said the company could not predict the course of Covid-19, the effectiveness or adoption of preventative measures, the progress of a vaccine and its outcomes, the impact on future hospitalisation rates, or the investments countries may make in treatment measures.
He said the full-year forecast was based on the following assumptions:

Hospital hardware sales return to normal levels from January 2021.
The use of its hospital hardware returns down to approximately normal rates for the second half of the financial year.
OSA diagnosis rates are reduced for the second half of the financial year, due to limited access to customers.
Freight costs remain elevated, resulting in a reduction in gross margin of about 200 basis points.

F&P Healthcare - New Zealand's biggest NZX-listed company by market capitalisation - designs, makes and markets products respiratory systems.
The company's shares last traded at $35.18, up $1.13 or 3.3 per cent from yesterday's closing level. The stock has rallied by just over 63 per cent over the past 12 months.

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One of the first businesses to fall victim to Covid in New Zealand was Bauer Media.
In early April, the German magazine giant closed iconic magazine titles, including North and South.
Now, like a phoenix from the ashes, the current affairs magazine is returning to shelves under new ownership.
Rachel Morris has returned to New Zealand after working for five years for the Huffington Post in Washington to take over the reins of the magazine. 
With features-writing experience and her investigative background, Morris says her magazine will be willing to ask the "big questions".
She joined Heather du Plessis-Allan alongside the magazine's new co-owner Konstantin Richter for tonight's episode of Bosses Rebuilding.
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Like many sectors, the Covid pandemic has turned the global insurance industry on its head.
On one hand, there's been a surge in health, travel and business interruption claims.
But on the other, this new Covid-world has also brought opportunity.
Ian Pollard is the managing director of Delta Insurance and is tonight's guest on Bosses Rebuilding.
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Farmlands Co-operative has announced a $7 million net profit for the 2019-20 financial year - a result chairman Rob Hewett says could have been "a damn sight worse".
Profit was down from last year's $8.4 million result, while turnover was $2.6 billion and revenue was $1.1 billion.
The impact of Covid-19 was most keenly felt in April when there was a drop in revenue of more than 30 per cent, chief executive Peter Reidie said.
The co-operative - which has 72,000 shareholders - would have incurred a substantial loss without the response it initiated, which included the Government's wage subsidy ($8.8 million), rent relief, staff remuneration sacrifice, supplier support and other austerity measures, Reidie said in a statement.
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For almost 30 years, kiwi footwear exporter Bobux has laid claim to making the world's best shoes for little people.
The bobux brand is all about science and style and making podiatrist-approved shoes for babies and toddlers.
Bobux is finishing up this covid year with online sales up 65%. Their forward-order book is up 15%.
How have they done it? Andrew Sharpe is the CEO of Bobux and is tonight's guest on Bosses Rebuilding.
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During this rollercoaster of a year, it's no secret that many of us have probably had a few more drinks at home than usual.
Not least, of course, because hospitality has been hit hard by the lockdowns.
So how has all of this played out for Lion, New Zealand’s largest alcohol beverage company?
Rory Glass, the managing director of Lion, joined Chris Lynch on Bosses Rebuilding to discuss how lockdown has affected the alcohol market.
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An incredible milestone today for a Kiwi company that's crowdfunding its effort to make the world’s first biobead Covid vaccine.
This is the Covid vaccine corporation  - or CVC - and their campaign on Pledgeme has got off to a dream start today.
Dr Claire McGowan is the CEO of Pledgeme, and she is tonight's guest on Bosses Rebuilding.
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The story of Lewis Road Creamery is now the stuff of urban legend.
Back in 2014, the company caused a sensation when it teamed up with Whittaker's and made that chocolate milk.
Supermarkets had to employ extra security guards it was so popular and there was even a secondary market on Trade Me.
Fast forward to 2020, and the company has been growing its high-value exports, cashing in on the lockdown baking frenzy.
Nicola O'Rourke is the general manager of Lewis Road Creamery and is tonight's guest on Bosses Rebuilding.
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It’s not often Bosses Rebuilding focuses on a global business giant, but Unilever has a big footprint in New Zealand.
The company owns household brands like Lipton, Dove, Rexona, Vaseline and Persil, amongst others.
But when Covid hit this year, the head of Unilever's New Zealand operation says suddenly, they had to think like a small business.
Nick Bangs, the managing director of Unilever New Zealand, joined Heather du Plessis-Allan on Bosses Rebuilding about how they pivoted.
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Sometimes, success in business can mean being in the right place at the right time.
Enter the chnnl app. It's a workplace well-being app for medical staff that launched at the end of 2019.
And then covid hit, and suddenly, demand was off the charts.
Dr Liz Berryman is the founder and CEO of chnnl app. She joined Heather du Plesssi-Allan on Bosses Rebuilding.
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