The company delivered earnings of $500,000. Photo/Wellington Drive.
Wellington Drive Technologies reported first-quarter revenue growth of 33 per cent but maintained its annual guidance, stating the outlook for the second half is unclear and potentially weaker.
The company, which began as a developer of energy-efficient motors and has since expanded into areas as diverse as the internet of
things and retail food and beverage, said revenue in the three months to March 31 was $15.8 million versus $11.9 million in the same period a year earlier.
Earnings before interest and tax were $500,000 compared to a loss of $400,000 in the prior year. The improvement was due to increased sales of higher margin products, the company said.
"The pressure from additional costs experienced last year caused by global supply constraints for electronic components abated in the current quarter."
"We are pleased with our first quarter performance, which continues to demonstrate the growing demand for the Wellington Connect IoT and ECR2 products," said chief executive Greg Allen.
