Wellington Drive announces further revenue growth
25th August 2017
Media
Release
For Immediate
Release
Wellington Drive announces further significant revenue growth and profit improvement.
The
Company’s 2017 Interim Report is now released. Highlights
for the first half of 2017 include:
Significant revenue growth: NZ Dollar
revenue was $23.8 million, a 27% increase compared to the
same period last year. In US Dollar terms revenue increased
by 34% to US$17.1m from US$12.7m.
Gross
margin continues to improve: Gross Margin increased
to 24.9% from 22.4% reflecting continuing supply chain cost
improvements and increasing sales of higher margin
products.
Profit Improvement:
Earnings before interest, tax, depreciation,
amortisation and impairment (“EBITDA”) improved to a
profit of $1 million for the half. Earnings before interest
and taxation was a profit of $181,000 which is an
improvement of $884,000 compared to the same period last
year.
Significant reduction in net
loss: The loss for the period was $522,000, an
improvement on the $1,243,000 loss for the same period last
year.
SCS Connect revenues continue to
grow: Sales of SCS Connect in the half were double
that for the previous 12 months to December 2016.
Exclusive partnership with iProximity: An
exclusive worldwide distribution agreement was signed with
iProximity, an Australian based digital marketing company.
In partnership with iProximity we launched our new
Smarter Cooler product that combines Wellington’s
SCS Connect System with iProximity’s iPx™ beacon
management platform to engage and interact with customers at
their point of purchase in front of the cooler.
Smartshares Limited loan facility
extension: The $2 million loan facility expiry has
been extended out to March 2019.
Greg Allen, CEO commented; “There are many exciting developments underway, in particular with the launch of our Smarter Cooler offering, the strengthening of our software development capability and the addition of new market leading proximity based digital marketing solutions in partnership with iProximity. Our continued financial performance improvement, with the Company’s first ever EBIT profit result demonstrates the success of our strategy. The Company is transitioning ‘Beyond the Device’, moving from hardware only to supplying ‘Cloud Connected’ refrigeration controllers and now adding a range of digital services for food and beverage brands – it is taking us firmly into the digital economy.
For further information visit www.wdtl.com.
ends