Wellington Drive widens annual loss, NZX's SuperLife underwrites $3m share issue

Sun, 01 Mar 2015

By Suze Metherell March 2 (BusinessDesk) - Wellington Drive Technologies, the unprofitable manufacturer of energy efficient motors, widened its annual loss as sales dropped 35 percent. It will tap investors for $3 million to fund its growth recovery plans, in a capital raise underwritten by NZX's SuperLife. The Wellington-based company posted a loss of $4.5 million in calendar 2014, from a loss of $4 million a year earlier. Sales fell to $17.8 million, from $27.3 million the previous year, as sales in its Latin American market fell 46 per...

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