Wellington Drive has also warned it expects an ebitda loss in the third quarter. Photo / 123RF
Wellington Drive Technologies, maker of energy-efficient motors for commercial refrigerators, has taken a $2 million facility from major shareholder SuperLife, the investment fund owned by NZX.
The company said the loan would give it "additional working capital to support ... growth initiatives", with a one-year term and a 14.75 per
cent interest rate calculated on a quarterly basis in arrears.
Last month, Wellington Drive posted a half-year operating profit of $279,000 and said it expected full-year revenue to be up to 30 per cent higher than 2015's $24.6m, with earnings before interest, tax, depreciation and amortisation either a small loss or a modest profit.
At the time, it said the revenue growth was "putting some pressure on short-term working capital" and that it was negotiating a debt facility.
Wellington Drive has also previously warned it expects an ebitda loss in the third quarter with "some larger customers deferring some Q3 demand into Q4 and Q1 in 2017".
