1 Mar 2010

Higher loss for motor maker

12:28 pm on 1 March 2010

Wellington Drive Technology lost $17 million in the six months to the end of December - more than the $10 million it lost in the same period a year earlier.

The maker of energy efficient motors says 2009 was a tough year, but it recently reached a turning point, where there is sufficient sales volume to support future growth without the need for further heavy investment in expanding infrastructure.

Revenue climbed to $22.4 million dollars, up from $14.5 million the previous year.

Wellington Drive raised $22 million in new capital through a share placement in November, which moved Hunter Hall Investment Management to an ownership position of slightly over 30%.