Energy Mad warns of loss

TAMLYN STEWART
Last updated 10:22 27/02/2013

Relevant offers

Industries

Air New Zealand and Air China alliance cleared for take off Gas price to go up for residential customers in October Extension of UFB network to be completed by end of 2022 Beekeeper unsure what summer will bring Tourism core part of Canterbury economic strategy Flexi Buy truck shop former director Vikram Mehta charged by watchdog Kiwis keeping partners in dark on finances New agency to unlock potential of $1b worth of Auckland Council land OceanaGold boosts production forecasts for 2015 Rural Equities says lower milk price impacts earnings

Christchurch manufacturer Energy Mad now expects to make a $1.1 million loss for the full year to March due to delays in securing a large order in the United States before the end of the financial year.

Earlier this month the energy efficient lightbulb-maker was still expecting to clear a profit of about $100,000 but this morning, in an announcement to the exchange, said it was now expecting revenue of $9.8 million and a loss of $1.1 million.

The firm had been working on securing direct mail promotions with some large US electricity utilities but despite good progress, none of those projects and associated orders had been secured in time for delivery to be classed as revenue for the current financial year.

However revenue for the year to March 2013 was 58 per cent higher than the previous year.

Energy Mad also announced today it has promoted its chief financial officer Paul Ravlich to the role of chief executive.

Ravlich would retain his chief financial officer duties and also focus on running the Energy Mad business and leading cost-cutting measures.

Managing director Chris Mardon would now concentrate on growing Energy Mad's sales.

The stock was unchanged at 42 cents a share by mid-morning, less than half the $1 price it listed at in October 2011.

Ad Feedback

- BusinessDay.co.nz

Special offers

Featured Promotions

Sponsored Content