Ecoya posts maiden annual operating profit 30 May 2012
- MARKET CLOSE: NZ shares rise; Spark, Meridian gain Business
- Kiwi heads for 1.7% weekly fall as RBNZ rules out rate hike Business
- Chinese demand drives lamb wool price rises to 6-week high Business
- Spark's market cap slips, as investors weigh competition Business
- Fonterra reshuffles management team Kiwi Success
- Horticultural production tops $7B, led by wine and apples Business
- Pan Pacific independent directors reject Zeta offer Business
- Lubricant deal slips away as Commission nixes merger Business
- LanzaTech has other commercial plants in the pipeline Business
- Xero annual loss widens as company ramps up investment Business
Scented candle and skincare products company Ecoya said it made a maiden annual operating profit after sales jumped 58 percent.
Profit after interest costs but before tax and non-recurring accounting adjustments relating to the Trilogy earnout provisions was $204,000 in the year ended March 31 compared with a $3.6 million loss the previous year.
Ecoya paid $10 million up front for Trilogy and settled the earn-out provisions at the end of March by paying of $4.6 million in cash and issuing 4.6 million new shares to Trilogy's former owners.
Including the impact of the payout, Ecoya reported a $218,000 net loss for the year, down from the previous year's $4 million loss.
Annual sales rose to $22.6 million from $14.3 million the previous year which had included seven months of the Trilogy business' sales. In April, Ecoya raised its revenue forecast for the year from $20 million to $22 million.
“We are pleased with this result,” said executive chairman Geoff Ross. “Our plan is to continue investing in our brands, expanding our retail and distribution footprint and driving strong sales growth whilst remaining close to neutral from a profitability perspective,” Ross said.
Despite the operating profit, Ecoya was cash-flow negative to the tune of $320,000 for the year although that was a big improvement on the previous year's $6.7 million cash burn.
The company had $1.9 million in cash left at March 31.
Ecoya shares last traded on May 23 at $1.10, down from the recent record of $1.20 on May 4. The shares were floated at $1 each in May 2010 and sank as low as 65 cents at the end of 2010 before slowing rising again.
24 Apr 2015 News
Anzac Day 'We will remember them' The Anzac Day messages: "One hundred years ago, the newly formed Anzac forces landed at... more
21 Apr 2015 News
A parliamentary delegation led by the Speaker, Rt Hon David Carter, has been advancing the bilateral and trade relationship with... more
23 Apr 2015 Business News
Oracle-owned boatbuilder has had two government grants in three years April 23 (BusinessDesk) - Core Builders Composites,... more
24 Apr 2015 ANZAC
Tomorrow marks the 100th ANZAC Day, and if you are a Kiwi or Aussie far from home there are plenty of events on to enable you both to... more
23 Apr 2015 Food & Wine
The New Zealand Cellar’s crowdfunding campaign has ended and they are delighted to report that the project raised... more
21 Apr 2015 Property
Canterbury Earthquake Recovery Minister Gerry Brownlee has announced a process to give everyone a say on the Crown offers to... more
14 Apr 2015 Property
April 14 (BusinessDesk) - New Zealand residential property prices rose in March, led by Auckland where housing supply isn't meeting... more
23 Apr 2015 Migration
April 23 (BusinessDesk) - New Zealand migration hit a new annual record in March, as more students arrived from India and China and... more
2 Mar 2015 Migration
Prime Minister John Key says he is not aware of any suspected war criminals from the former Yugoslavia in New Zealand. The claim that... more
17 Apr 2015 Travel & Tourism
Air NZ's Houston service paves the way for partnership with United Airlines, analysts say April 17 (BusinessDesk) - Air New... more
17 Apr 2015 Travel & Tourism
Wellington Airport's revised fees are 'just within' acceptable range of returns, regulator says April 17 (BusinessDesk) -... more
25 Apr 2015 Equestrian
Kiwi eventer Tim Price and Wesko have delivered their best-ever dressage score to sit at the front of the field this morning at the... more
24 Apr 2015 Column
Gordon Campbell on the hair-pulling finale, and the real hero of Gallipoli Don’t know about you, but when hi-jinks and... more
14 Apr 2015 Opinion
Houston, there is clearly a problem with (a) the plunge in pass rates for University Entrance qualifications, which has been ... more
24 Apr 2015 Appointments
Fonterra reshuffles management team to speed up value-add strategy April 24 (BusinessDesk) - Fonterra Cooperative Group, the... more
18 Apr 2015 Recruitment
The He Toki ki te Mahi Apprenticeship Training Trust was launched by Prime Minister, the Rt Hon John Key at Rehua Marae in ... more