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

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news