Friday 24th May 2013
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Ecoya, which is changing its name to Trilogy International, eked out a small profit as underlying earnings climbed 26 percent on the strength of its skincare product range.
The Auckland-based company made a profit of $34,000 in the 12 months ended March 31, from a loss of $218,000 a year earlier, it said in a statement. Earnings before interest, tax, depreciation and amortisation climbed to $1.3 million from $1.1 million last year and sales gained 18 percent to $26.7 million. It expects EBITDA of more than $2 million and sales north of $30 million in the current financial year.
“Our plan is to continue to invest in our brands for growth and we are excited about the opportunity for further growth off the platform that we have built,” chief executive Stephen Sinclair said.
Earlier this week the company said it will rebrand itself in line with its Trilogy skincare range, which accounts for about 60 percent of its sales and is seen as the driving force behind its growth. The name change will take place on June 4.
Ecoya reduced its net debt to $5.4 million as at March 31 from $6.9 million six months earlier, and expects the exercise of warrants will reduce that further.
The Bakery Business LP, Ecoya’s biggest shareholder, will exercise about 721,000 warrants it holds at $1 each.
The shares were unchanged at 91 cents, and have shed 8.1 percent this year.
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