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

 

Wellington Drive revenue for Q318 increased 62%

Wellington Drive revenue for Q318 increased 62% and EBITDA improved by $1m. FY18 guidance maintained.

Wellington Drive (NZX:WDT) achieved a significant improvement for the 3rd quarter ended 30th September 2018 (Q318) when compared to same period in 2017. With a growing order book going into the fourth quarter, Wellington also maintains its guidance for FY18.

Q3 2018 Highlights:
• Revenue for Q318 was $12.6m, compared to $7.8m for the same period in 2017; a 62% improvement. Earnings before interest, taxation, depreciation, amortisation and impairment (EBITDA) for the quarter was a profit of $22k, an almost $1m improvement over the loss of $943k in Q317;
• For the nine months to 30th September 2018 revenue was at $40.7m, a 29% increase compared to the same period in 2017. Year to date EBITDA is $1.1m compared to $0.1m for the same period last year;
• Continued growth in the quarter from the Wellington Connect SCS (previously referred to as SCS Connect) with YTD volumes increasing by 73%. The energy efficient ECR2 motor YTD volumes increased 55% year over year and ECR01 and ECR82 YTD motor volumes were consistent with the same period last year;
• Completed the acquisition of iProximity on 2nd July 2018, paying A$1.1m on settlement. iProximity’s marketing system is already integrated into the Wellington Connect SCS platform, is supporting sales and contributing to field trials of proximity-based marketing outside of the beverage market;
• A product partnership announced with New Zealand refrigeration manufacturer SKOPE Industries, with SKOPE choosing the Wellington Connect SCS and EC motor products as key components in its market-leading ActiveCore Glass Door Display refrigerator range;
• A $2.5m debt facility secured from Onimeg Investments to finance the repayment of the Smartshares $2m loan and to provide additional working capital flexibility. $1.5m was repaid in September and the remaining balance is payable in March 2019; and
• Cash as at 30 September was $3.7m and net debt at that date was $0.5m.


Full Release (PDF)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Manawatu-Whanganui Projects: PGF Top-Up To Rural Broadband Roll-Out

The government has effectively raided the $3 billion Provincial Growth Fund to top up the budget for the second phase of its rural broadband initiative, filling in mobile 'black spots' and ensuring broadband is available to marae that don't have access now. More>>

ALSO:

Other Windy Cities: Auckland-Chicago Named A Top 10 ‘Most Exciting’ New Route

The inclusion of Auckland-Chicago on Lonely Planet’s Where to fly in 2019? The 10 most exciting new flight routes list comes just two weeks before Air New Zealand prepares to celebrate its inaugural flight to Chicago’s O’Hare International Airport on 30 November. More>>

Deadly Strain: ESR Ups Its Reporting On Meningococcal Disease

The increasing number of cases of Group W Meningococcal disease (MenW) has prompted ESR to increase its reporting on the disease to the Ministry of Health. ESR has upped its reporting to weekly. More>>

ALSO:

Very Small Things: "Game-Changing" 3D Printing Technology Launched

New Zealand microfabrication researchers Andrea Bubendorfer and Andrew Best, the co-inventors of a new way of fabricating very small things with Laminated Resin Printing (LRP), are part of Callaghan Innovation’s MicroMaker3D team launching the new patent pending technology in the US this week. More>>

ALSO: