Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Energy Mad projects $1.1m loss vs. $4m profit in prospectus

Energy Mad projects $1.1m full year loss vs. $4m profit in prospectus

Feb. 27 (BusinessDesk) - Energy efficient lightbulb innovator and marketer Energy Mad has issued the latest in a string of downgrades since its listing in late 2011 and is now projecting a loss of $1.1 million for the year to March 31.

That compares with a $4 million forecast profit in its 2011 prospectus and a revision just two months ago to expect a profit at the low end of a range between $100,000 and $2 million.

The latest downward revision has been caused by "delays in securing a further large United States order before the end of the current financial year."

The business has already faced manufacturing problems at its plant in China and slower than anticipated regulatory approvals in Australia, which have held back growth projections across the Tasman.

The company is embarking on a cost-cutting drive to find $900,000 in operational savings and has dispensed with the role of chief operating officer.

Energy Mad also announced today its chief financial officer, Paul Ravlich, would become chief executive, replacing managing director Chris Mardon, who will be freed up to focus on sales growth, particularly the 12 volt Ecobulb in the Australian market and opportunities in the US with retailer Walgreens and with electricity utility operators.

Shares of Energy Mad last traded at 42 cents.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Scoop Review Of Books: She Means Business

As Foreman says in her conclusion, this is a business book. It opens with a brief biographical section followed by a collection of interesting tips for entrepreneurs... More>>


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news