IkeGPS CEO Glenn Milnes holds the company's Spike smartphone measuring tool. Photo / File
IkeGPS, the laser measurement tool maker, more than doubled annual sales to meet earnings targets that it downgraded last month. It now says it expects to break even on a cashflow basis this financial year.
Operating revenue and government grants climbed to $9.2 million in the 12 months ended March
31 from $4 million a year earlier, the Wellington-based company said in a statement. That was in line with the downgraded guidance provided in April, missing the $14.3 million forecast in its 2014 prospectus due to a slow sales pipeline. The measurement tool maker received $640,000 from Callaghan Innovation, up from $364,000 a year earlier when it received subsidies from Callaghan and New Zealand Trade & Enterprise, while a third of its $8.6 million of operating revenue was derived from one customer, compared to 14 percent a year earlier.
IkeGPS posted a net cash outflow of $11.9 million, leaving it with $5.3 million in cash and equivalents as at March 31. Of that, the operating cash outflow was $9.9 million, up from $5.9 million.
The company's net loss widened to $8.8 million, or 18 cents per share, from $5.1 million, or 14 cents, a year earlier, more than the $5.8 million loss originally forecast.
The accounts were tagged by auditor PwC, who said if it can't generate enough cash it may struggle to meet its debts as they fall due, and indicated "the existence of a material uncertainty that may cast doubt on the group's ability to continue as a going concern."
