F&P has held up incredibly well during the recent market sell off for two main reasons (beside the fact they are a top-quality company that investors are willing to pay a premium for). The first is that one of their product segments, respiratory humidifiers, are directly involved with treating patients with coronavirus. This had led to an increase in demand globally and they have ramped up their manufacturing output as a result. The second is that due to the majority of their sales being in US dollars and Euros, the weak NZD increases their profit. These two factors led to F&P upgrading the earnings guidance on the 17th March, an announcement made all the more impressive in today’s economic environment.