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

 

Wellington Drive first-quarter sales climb 30%

Wellington Drive first-quarter sales climb 30%, earnings on track

By Paul McBeth

April 21 (BusinessDesk) - Wellington Drive Technologies, which makes energy efficient motors and control systems for commercial refrigerators, lifted first-quarter sales 30 percent as the company's focus on Latin America continues to underpin its long march to profitability.

The Auckland-based company generated earnings before interest, tax, depreciation and amortisation of $600,000 on revenue of almost $13 million in the three months ended March 30, and expects strong sales growth to continue, chairman Tony Nowell told shareholders at today's annual meeting.

"Regardless, the $600k ebitda performance is materially better than Q1 2016, and we expect no change to our full year estimate; to achieve revenue growth in the 30 percent to 40 percent range and ebitda profit in the low millions of dollars," Nowell said in speech notes published on the NZX. "Our strategy to expand the motor product range, further develop the SCS Connect solution and develop new customers for those products in new markets, will continue at pace."

The company marked its first positive ebitda result in calendar 2016 as a five-year turnaround plan came to fruition, and it's now developing a range of 'Internet of Things' products for large food and retail brands as a second stream for the business.

The shares rose 3.6 percent to 29 cents, having jumped 73 percent so far this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

'Irregular Accounting': Voluntary Suspension Of Fuji Xerox Govt Contracting

This suspension gives the Ministry of Business, Innovation, and Employment time to understand the full implications of the report from FUJIFILM Holdings into irregular accounting practices at FXNZ. More>>

ALSO:

MPI: Cow Disease Detected In NZ For First Time

MPI is responding to the detection of the cattle disease Mycoplasma bovis in a dairy herd in South Canterbury... The disease is commonly found in cattle globally, including in Australia, but it’s the first detection of it in New Zealand. More>>

South Island Flooding: Focus Moves To Recovery

As water recedes throughout flood-impacted areas of the South Island, Minister of Civil Defence Nathan Guy has praised the efforts of those who were involved in the response to the flooding... More>>

ALSO:

Superu Report: Land Regulation Drives Auckland House Prices

Land use regulation is responsible for up to 56 per cent of the cost of an average house in Auckland according to a new research report quantifying the impact of land use regulations, Finance Minister Steven Joyce says. More>>

ALSO:

Fund For PPP Plans: Govt Embraces Targeted Rates To Spur Urban Infrastructure

The government's latest response to the Auckland housing shortage will see central government and private sector firms invest in 'special purpose vehicles' to fund essential roading, water and drains that Auckland Council can't fund without threatening its credit rating. More>>

ALSO: