Light bulb shares light up
Energy Mad shares have rocketed after the company announced an online retailing agreement in the United States.
In late-morning trading, the energy-efficient light bulb manufacturer's shares were 11 cents, or more than 32 per cent, higher at 45c.
The shares had generally dropped since listing in October 2011, athough they have recovered much of that ground now.
Energy Mad said today that it had started selling its energy-saving bulbs through Amazon United States.
Three of Energy Mad's spiral compact fluorescent lamps and one reflector LED (light-emitting diode) were now available online, the Christchurch-based company said in a statement released through the NZX.
The products were being sold under Energy Mad's US Ecospiral brand.
Energy Mad plans to boost the range of light bulbs it sells through Amazon.
Managing director Chris Mardon said a key driver for Amazon sales growth would come from securing electricity utility funding to lower the cost of Energy Mad's light bulbs sold on Amazon and to encourage customers to Amazon's site.
"We are in discussion with electricity utilities in the United States about them funding Energy Mad's light bulbs sold on Amazon, and the reception so far is encouraging," he said.
Amazon United States received 105 million unique visitors each month, Energy Mad said.
In 2012, Amazon had online sales of US$61 billion. The electronic commerce and online retail company was experiencing 22 per cent year-on-year growth.
Energy Mad also has a distribution relationship with retail giant Walgreens.
In its unaudited results announced in mid-December, Energy Mad delivered operating half-year revenues of $4 million, down from $4.5m for the September 2012 half-year.