Ecoya is confident of achieving revenue forecast

NZPA

Monday 8th August 2011

Ecoya is confident of achieving its revenue forecast of $20 million in the 2011/12 year after booking $6 million of revenue in the first four months of the year, executive chairman Geoff Ross said.

The home fragrance company, which listed last year, notched up revenue of $14.3m in the year to March 31, 2011, compared to a prospectus forecast of $7.9m. The loss for the year of $4.01m compared to a prospectus forecast of a $5.2m loss.

The figures were above forecast due to the acquisition of beauty company Trilogy in September last year. The Ecoya business itself was running broadly to plan.

The company has predicted a modest profit in the 2011/12 year.

"We are currently one third of a way through the 2011/2012 year, and we can confirm that these growth plans are on track. For the first four months of the financial year we have generated circa $6m in revenue.

"And this is in what we view as one of the quietest periods of the year. Based on this, we are confident of meeting our goal of $20m for the full year," Mr Ross said.

He said the company's business plan did not show a need for extra capital.

"Beyond this year, the Ecoya business can invest in growth, whilst delivering a modest profit," he said.

The company's shares were sold at $1 each in the float and they were today trading at 92 cents. Its shareholders include TradeMe founder Sam Morgan and Air New Zealand chief executive Rob Fyfe.

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