Wellington creates platform for growth - Revenue up 74%

Wellington Drive Technologies Limited (Wellington) has reported a 74.1% increase in revenue for the year ended 31 December 2021, reaching $64.2m.

Gross margin was 27.8% for the year, with EBITDA improving to $2.6m due to the repayment of voluntary staff salary reductions and an increase in operating costs to $15.1m.

The Company is forecasting revenue growth of approximately 25% to around US$60m in FY22 and EBITDA of $4.5m to $5.5m, subject to successfully navigating the challenging supply chain environment.