KEY POINTS:
Auckland electronic motors maker Wellington Drive Technologies has boosted half-year revenue by 28 per cent after expanding sales in Europe and Turkey, and expects to deliver its millionth motor later this year.
Product sales were 38 per cent stronger in the six months to December but costs and operating expenses of $7 million were 19 per cent ahead, meaning the net loss grew 13 per cent to $2.9 million.
The company said the increase in overheads was mainly due to sales growth and was within budget.
The first major US customer had been secured with a $1.8 million order for refrigeration motors.
Revenues for motors used in European ventilation products grew, while other products had continued to make gains and new customers, particularly in Turkey. There had been a significant improvement in margins.
After the reporting period, Wellington Drive said January 2007 had been its first month with revenue greater than $1 million. The increased focus on environmental issues internationally could help its performance as its motors enabled "significant reductions" in electricity use and carbon emissions.
