Wellington Drive misses forecast with annual revenue of $27.9 mln, shares drop

Fri, 24 Jan 2014

Jan. 24 (BusinessDesk) - Wellington Drive Technologies, which makes energy efficient refrigeration motors, missed its annual sales forecast and dropped its goal of breaking even on an earnings before interest, tax, depreciation and amortisation basis in 2014, chasing growth instead. The Auckland-based company reported revenue of $27.9 million in the 12 months ended Dec. 31, missing its target of between $30 million and $33 million, having previously flagged sales would be at the lower end of the band. Wellington Drive is in the process of...

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