Earnings warning from owner of Sunbeam

THE company behind Sunbeam appliances and the Dexion commercial storage business says earnings could fall in the current financial year.

GUD Holdings, which also operates Oates cleaning products and Davey water products, said sales and earnings in the first three months of the 2013/14 financial year were down on the same period 12 months ago.

Sunbeam and Dexion are expected to contribute weaker earnings in the full year, and overall annual earnings could fall by 20 per cent, managing director Jonathan Ling told GUD's annual general meeting.

The Christmas period is crucial for the Sunbeam business, while Davey relies on a strong spring season, he said.

A major influence on GUD's performance is the level of the Australian dollar, Mr Ling said.

GUD shares were down 46 cents, or 7.2 per cent, at $5.91 at 1550 AEDT.

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