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

 


Wellington Drive misses breakeven forecast, shares drop

Wellington Drive misses forecast with annual revenue of $27.9 mln, shares drop

Jan. 24 (BusinessDesk) - Wellington Drive Technologies, which makes energy efficient refrigeration motors, missed its annual sales forecast and dropped its goal of breaking even on an earnings before interest, tax, depreciation and amortisation basis in 2014, chasing growth instead.

The Auckland-based company reported revenue of $27.9 million in the 12 months ended Dec. 31, missing its target of between $30 million and $33 million, having previously flagged sales would be at the lower end of the band.

Wellington Drive is in the process of finalising its accounts, and expects to post a net loss of less than $3.8 million, having previously forecast a loss of less than $3.5 million. The company said its EBITDA loss was less than $3 million, in line with forecasts.

“The team is very satisfied with the operating and gross margin improvements it has made in 2013, despite the lower than expected revenue in the second half of the year,” chief executive Greg Allen said in a statement. “In 2014 we will increase focus on growth projects as we start the first year of our new three-year growth plan.”

The company dropped its goal of breaking even on an EBITDA basis in the 2014 financial year, and will instead target 20 percent revenue growth of between $30 million and $35 million. It forecasts a 2014 EBITDA loss of less than $2 million and a net loss below $2.7 million.

The shares fell 8 percent to 23 cents today.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Negotiations Fail: Christchurch Convention Centre Build To Proceed Without PCNZ

After protracted negotiations, the government has ditched the construction consortium it picked to build Christchurch's replacement convention centre, which it now anticipates delivering at least two years behind the original schedule. More>>

ALSO:

Ruataniwha: Greenpeace Launches Legal Challenge Against $1b Dam Plan

Greenpeace NZ is launching a legal challenge against a controversial plan to build a dam that’s set to cost close to $1 billion and will pollute a region’s rivers. More>>

ALSO:

Inequality: Top 10% Of Housholds Have Half Of Total Net Worth

The average New Zealand household was worth $289,000 in the year to June 2015, Statistics New Zealand said today. However wealth was not evenly distributed, with the top 10 percent accounting for around half of total wealth. In contrast, the bottom 40 percent held 3 percent of total wealth. More>>

ALSO:

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news