modandm - FPH haven't hedged at or near 80c. They've got 57% cover around 69c for FY12. So if the NZD/USD spot rate avg's 80c during FY12, FPH will have an effective rate of about 74c (57% x 69c + 43% x 80c), and according to the company's guidance they will achieve NPAT of $62m.
winner69 - I haven't looked at the accounts in too much detail yet, but I know the company discontinued a range of products in FY10 and they had a one-off cost of c$2m this year which may explain some of the difference. I listened in on the conference call this morning and the management said they expect growth of around 15% in constant currency terms during FY12.