NZ's Wellington Drive Tech sees best day in 8 months on upbeat FY21 forecast

Aofrio

28/06/2021 01:31

** Shares of IoT company Wellington Drive Technologies
 WDT.NZ  jump as much as 17.1% to NZ$0.096 - their biggest
intraday percentage gain since Oct 27, 2020
    ** Co says it forecasts FY21 revenue in the range of $45 mln
to $50 mln, up from the previous range of $41 mln to $46 mln due
to strong customer demand and initial revenue from recent
product launches  urn:newsml:reuters.com:*:nFWN2O70SU
    ** WDT also expects underlying earnings before interest,
taxes, depreciation, and amortization (EBITDA) earnings to be in
the range of NZ$3.5 mln to NZ$4.5 mln ($2.47 mln-$3.18 mln), up
from the previous range of NZ$2.5 mln to NZ$3 mln
    ** Also sees Q2 2021 revenue to be consistent with previous
outlook of around $12 mln, compared with 2.9 mln in Q2 2020
    ** Stock hits its highest level since June 4
    ** About 1.2 mln shares change hands compared to the 30-day
average volume of about 169,000 shares
    ** WDT up 6.5% this year, as of last close
    ($1 = 1.4156 New Zealand dollars)

 (Reporting by Aditya Munjuluru in Bengaluru)
 ((aditya.srivastsav@thomsonreuters.com))