IkeGPS first-half sales almost double, loss widens

Thu, 20 Nov 2014

Nov. 20 (BusinessDesk) - IkeGPS Group said first-half sales almost doubled along with its losses as the company that sells portable measuring devices uses the proceeds of its initial public offering to build a sales force and further develop its products. Sales rose to $1.7 million in the six months ended Sept. 30 from $829,000 a year earlier, the Wellington-based company said in a statement. The net loss was $1.9 million from $892,000 a year earlier. At the time of its IPO, IkeGPS forecast losses through until 2016 as it chased sales gro...

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