US contracts boost tech company's profits
Transit technology company Connexionz has made a half-year after tax profit of just over $218,000 and claimed its best six-month revenue.
The 14-year-old business produces real-time passenger information systems for public transport.
In the past six months it generated 85 per cent of its revenue from the United States.
It had milestone payments for supplying an automated vehicle location and passenger information system in Bakersfield, California and completed a contract for a similar contract in the city of Corvallis, Oregon.
In hometown Christchurch it was awarded the subcontract for an "intelligent design" system for the new bus interchange.
In the six months to September 30 the company had an unaudited, after-tax profit of $218,854. This compared to a loss of $186,468 in the same 2013 period.
Revenue of $2.133m was up 70 per cent on that previous stanza.
Chairman Bruce Sheppard said despite a challenging exchange rate, this was the company's best revenue result in its 14-year history. Work was continuing in the US on a contract with the City of Pasadena. Connexionz technology is accessible through internet sites, SMS, smartphones, dial-up voice response and interactive bus stop signs. The company also operates in Australia.
- The Press