Wellington Drive Technologies (Wellington), a leading provider of Internet of 
Things (IoT) solutions and energy efficient motors to the retail food and 
beverage industry, today announced an upgrade of its earnings guidance for the 
2019 financial year.

Wellington has recently seen an increase in order take for its Connect SCS and 
data services, its ECR2motor and some legacy motors. This demand increase is a 
result of increased cooler equipment demand from some beverage brands and 
cooler manufacturers starting to position inventory in advance of first
quarter 2020. It should be noted that the company’s December month can be 
particularly volatile, with customers making order increase and deferral 
decisions late in the month. 

As a result of these recent order increases and somewhat stronger fourth 
quarter demand, the company now expects revenue to be above the NZ$58.8m 
reported for 2018, versus previous guidance of revenue in line with 2018. 
EBITDA[1] is now expected to be in the range of NZ$3.5m and NZ$4.0m, versus 
previous guidance of between NZ$3.0m and NZ$3.5m. The company expects to 
deliver a modest pre-tax profit.

This guidance excludes any adjustment required as a result of the fair value 
assessment of the contingent consideration liability in respect of the 
iProximity acquisition. 

Wellington announced its pro rata renounceable rights issue of new ordinary 
shares ("Offer") on 25 October 2019. Wellington confirms, as at the date of 
this announcement that, for the purposes of the Offer, it continues to be in 
compliance with its "continuous disclosure" and "financial reporting 
obligations", and that there is no information that is "excluded information" 
as each of those terms are described in Wellington’s cleansing notice dated 25 
October 2019. Wellington notes that the Offer closes at 5pm NZT on 25
November.

About Wellington Drive Technologies:

Wellington is a leading provider of IoT solutions, cloud-based fleet management 
platforms, energy-efficient electronic motors and connected refrigeration 
control solutions. It serves some of the world’s leading food and beverage 
brands and refrigerator manufacturers and offers proximity-based marketing for 
Smart Cities to the Australian market. Wellington’s products and services 
improve sales, decrease costs and reduce energy consumption for its customers 
products. Headquartered in Auckland with a global reach, Wellington is listed 
on the New Zealand stock exchange under the ticker symbol NZ:WDT
For further information visit www.wdtl.com 

EBITDA[1]
(i.e. Earnings before interest, taxation, depreciation, amortisation and 
impairment) is a non- GAAP earnings figure that equity analysts tend to focus 
on for comparable company performance analysis. Wellington considers that it is 
a useful financial indicator because it avoids the distortions caused by 
differences in amortisation and impairment policies.

(R) is a registered Trade Mark of Wellington Drive Technologies WT 9276
Wellington Drive Technologies Ltd
P: +64 9 477 4500 E: info@wdtl.com
21 Arrenway Drive, Rosedale, Auckland 0632
PO Box 302-533 North Harbour, Auckland 0751, New Zealand
www.wdtl.com

SOURCE: Wellington Drive Technologies