US marketing paying off for Chch firm
Christchurch bus information system business Connexionz reported $155,435 net profit for the six months to September 30.
This was compared to a loss of $246,621 for the same period last year, with the company saying an improved sales and marketing strategy in the United States was finally paying off.
The turnaround was due to a 63 per cent increase in revenue to $1.2 million, boosted by milestone payments from a new US$1.26m (NZ$1.53m) contract with the City of Pasadena in California and follow up contracts for expanded passenger information displays and on-bus information systems for Santa Clarita Transit.
Its third most recent contract with Santa Clarita Transit was worth about US$800,000 (NZ$970,000).
Connexionz also secured a US$3m (NZ$3.63m) contract for the supply of a vehicle location and passenger information system for the Golden Empire Transit District in Bakersfield, California.
This is the largest single contract Connexionz has won in its 14-year history.
Final negotiations were still taking place and work was expected to start early next year.
The company also reported ''solid'' sales growth in Christchurch as the Christchurch City Council was once more investing in repairs an dreplacement of passenger information signage post-earthquake.
- The Press
Should the Christchurch City Council sell some of its assets?Related story: Council asset sales mooted to help raise $900m