Wellington Drive Margins Expand: Focus Turns to 2014 Growth
Wellington Drive Margins Expand As Focus Turns to Growth In 2014
Auckland, New Zealand – Wellington Drive Technologies (NZX:WDT), a world leader in energy efficient motor, airflow and refrigeration solutions today released its preliminary interim report for the half year ended 30 June 2013.
First Half 2013 Highlights (NZ Dollars):
- Adding new global customers and investing in
growth in Asia Pacific region
- New Fanpack airflow solution launching to support Supermarket customers
- Gross Margin increased to 17%, versus 12% for the same period last year;
- $1.5m reduction in EBIT loss for the period;
- First ever positive EBITDA month in June 2013; and
- $1.3m inventory reduction with industry leading inventory turns of 5 times a year
Wellington’s first half result is in line with the Company’s expectations and on-track to published guidance for the year. “The company is on track to its turnaround plan and is seeing growth opportunities ahead in 2014, the Board and Management are pleased with the progress the Company is making towards its turnaround objectives. The Company remains on-track for a positive EBITDA result in 2014” Tony Nowell, Wellington Chairman said today.