NZ's Wellington Drive Technologies rises most in 1 week on upbeat outlook

Aofrio

15/12/2021 03:02

** Shares of Wellington Drive Technologies  WDT.NZ  rise as
much as 4.6% to NZ$0.181, posting their biggest intraday pct
gain since Dec 7
    ** The IoT company, which has operations in the United
States, expects its FY22 revenue to grow strongly, with a growth
of about 25% to about $60 mln; confirms FY21 revenue to come in
at $47 mln  urn:newsml:reuters.com:*:nGLF6DKrhK
    ** Co sees EBITDA before unusual one-off items to be about
NZ$3.9 mln ($2.63 mln), in line with its previously announced
outlook range   
    ** Says co is redesigning several key products and its
manufacturer is adding capacity to its factory in Vietnam 
    ** Stock hits highest level since Dec 9
    ** More than 900,000 shares change hands, about 3.5 times
their 30-day average
    ** Wellington Drive stock more than doubled this year, as of
last close    

     ($1 = 1.4843 New Zealand dollars)

 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))