Ecoya will meet IPO targets: Ross

Geoff Ross. Photo / Dean Purcell

Geoff Ross' candle company Ecoya reported revenues of $4.4 million and a total loss of $2.6 million for the half year to September 30.

Ross, the founder of vodka label 42 Below, said the company would meet the targets it had outlined during it's initial public offering in May.

Ecoya's reported revenue, of $4.4 million, includes revenue from one month of Trilogy trading.

The company bought the organic skincare business for $10 million in September, with a further promise of an earn-out payment at the end of the 2011 financial year once Ecoya's ebitda has been finalised.

Ecoya's revenue for the second half is up 176 per cent on $1.6 million for the same period last year.

Ross said the businesses had a lot to gain and would leverage off each other's strengths.

"There are also geographic advantages to the acquisition. Ecoya is strongest in Australia and Trilogy in New Zealand. Trilogy has a growing presence and reputation in the UK and Ireland, while Ecoya hasn't yet launched here. Similarly, Ecoya has established a beachhead in the US market whereas Trilogy has not yet entered the US."

Ecoya will expand into the bath and body market with the addition of five new products over the next three years. It is stocked in 1400 stores across the world and Trilogy is stocked in 2500.

Ecoya shares closed unchanged yesterday at 75c. Shares listed at $1.