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

 

Our Fresh Water: Monitoring Report Confirms Serious Challenges For Rivers

• nitrogen levels are getting worse at 55 percent and getting better at 28 percent of monitored river sites across New Zealand • phosphorus levels are getting better at 42 percent and getting worse at 25 percent of monitored river sites across New Zealand More>>

ALSO:

Stats: Wind And Geothermal Emerge As Significant Sources Of Energy

Geothermal’s contribution to New Zealand’s total renewable energy generation increased from 11.5 percent in 2007 to 21 percent in 2015.... The value of wind jumped from $238 million (2 percent of total renewable energy generation) in 2007 to $884 million (6 percent) in 2015. More>>

Errors Found: Electricity Authority Dumps Transmission Pricing Modelling

The Electricity Authority is ditching the cost-benefit analysis at the heart of its controversial attempt to find a new way to divide up costs for the national grid after finding an expanding range of serious computational errors in the work by Australian consultancy Oakley Greenwood. More>>

ALSO:

New Record: Migrant Arrivals At 129,500 A Year

Annual net migration has been steadily increasing since 2012. "This was mainly due to the rising number of migrant arrivals to New Zealand," population statistics senior manager Peter Dolan said. "Fewer migrant departures also contributed to the increase in net migration." More>>

ALSO:

Launched: NASA's Super Pressure Balloon Takes Flight From NZ

NASA successfully launched its football-stadium-sized, heavy-lift super pressure balloon (SPB) from Wanaka, New Zealand, at10:50 a.m. Tuesday, April 25 (6:50 p.m. April 24 in U.S. Eastern Time), on a mission designed to run 100 or more days floating at 110,000 feet (33.5 km) about the globe in the southern hemisphere's mid-latitude band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news