Bus information firm bounces back to profit
Christchurch-based electronic bus information firm Connexionz has reported a return to profitability for the year to March 2013 on the back of contracts in the United States and solid sales growth in Christchurch.
The company has a solid order book for the 2014 financial year.
The firm produces real-time passenger information systems for public transport, giving passengers arrival times through websites and smartphones and interactive bus stop signs. Its systems also allow bus operators to manage their fleets.
Connexionz yesterday reported a pre-tax profit for the year to March 2013 of $185,523 compared with a loss of $217,456 in the previous year.
It reported a $886,445 post-tax profit for the year which included the deferred asset value of $700,922 of tax losses accumulated by the company.
The company's auditors had recommended the company recognise the deferred asset.
Connexionz also expected to report a profit for the 2014 year and beyond.
Revenue of $2,957,527 was 49 per cent higher than the year before.
During the past 12 months Connexionz won a $3.5 million contract for the supply of an automated vehicle location and passenger information system for the Golden Empire Transit District in Bakersfield, California.
A further major contract was secured from Santa Clarita Transit valued at $1m for the supply of an on-vehicle location-based visual display system - its third significant contract with Santa Clarita following the completion of the real-time passenger information contract in April 2011.
Work was continuing on a contract with the City of Pasadena which Connexionz won in January last year.
Chairman Bruce Sheppard said the company had seen solid sales growth in Christchurch, as the Christchurch City Council invested in repairing and replacing passenger information signage post-quake.
"We enter a new financial year with a solid order book and the satisfaction that our re-focused business model is finally beginning to bear fruit."