Wellington Drive matches forecast

The company, which produces brushless electric motors, has reported it lost $2.07 million for the year ended June compared with a loss last year of $731,000. In its listing profile last December the company projected a full-year deficit of $1.94 million.

Sales revenue for the year was $320,000, down from $463,000 previously although total revenue climbed to $571,000 - $60,000 higher than the year before.

During the year the company increased spending on sales and marketing and says expenses at $2.46 million were close to projections.

The company exhibited at a trade fair in Germany earlier in the year and says it is focusing on new licensees who have a high degree of internal capability and strong positions in premium market segments in Europe and the United States.

It reports license negotiations are well advanced with selected organizations in both regions, although, as yet, only a small number of the potential prospects have been approached.

"As noted in the Listing Profile, the company's revenue flow at this stage of its development is dependent on discrete events, particularly the agreement of new licences, the timing of which is difficult to predict," the company says.

Between February and the end of June WDT says eight product modification and test programmes were completed, and enquiries about its products are running at a sustained high level.

However there has been slow progress at existing licensees in the United States, Torrington Research and SHURflo Pump Manufacturing.

In Melbourne the company says its joint venture received a launch order late last year for RF200 motors to be used in evaporative coolers but there have been delays in satisfying the order due to detail issues with the customer's product.

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