28 Nov 2012

Ecoya expansion plans push up losses

2:23 pm on 28 November 2012

Ecoya has made a slightly heavier half-year loss due to its expansion plans.

The skincare and candle company lost $797,000 in the six months to September, 16% more than it did the same period a year ago.

Revenue rose 17% to $12 million dollars, but chief executive Steve Sinclair says sales and marketing costs to expand its business both in New Zealand and Australia grew by more, as well as higher costs from advancing its plans to expand into Asia and Britain.

Mr Sinclair expects annual sales to rise 18% to more than $26 million and operating earnings to at least break even.