Weak sales shouldn’t rule out double-digit yearly profit, says Ansell

Surgical glove and condom maker Ansell’s AGM heard that, despite slower than predicted sales, the company’s growth would still be in double digits for 2012-13.

CEO Magnus Nicolin reaffirmed that the company would not revise its guidance of EBIT growth for 2012-13, despite slow quarterly sales and economic softness in Europe, Africa and the Middle East.

Nicolin said that Australia’s economy was slowing, but was a comparatively robust environment.

''What you're seeing here is obviously the mining boom has taken a bit of a beating with China ramping down, or at least growing more slowly,'' the Sydney Morning Herald reports him as saying.

''On the other hand, other industries are doing just fine, and by comparison, for example with western Europe, Australia is doing well.''

AAP reports that departing chairman Peter Barnes mentioned that Ansell had a $200 million war chest for acquisitions, following the company’s purchase of French glove maker Comasec, announced August 7.

The company also farewelled Peter Barnes, replacing him with deputy chairman Glenn Barnes.