Strong result for Ecoya Limited

Ecoya Limited (NZX:ECO) has completed its first financial year as a listed company recording revenues of $14.3m and a loss of $4.01m for the 12 months to 31 March 2011.

The result includes listing expenses of $502,000 and Trilogy acquisition expenses of $155,000.

In the company’s prospectus registered last year, Ecoya forecast revenue of $8.0m and a loss of $5.2m for the full year.

As indicated in an earlier announcement, the group anticipates revenue should exceed $20m for the financial year ended 31 March 2012 and the company expects to be in profit for the year.

Ecoya Executive Chairman, Geoff Ross says there is a trend toward sustainable profit as the year builds and the company is now well into the execution of its 2011/12 strategy.

“The current year has started very well with solid growth in both Ecoya and Trilogy. Whilst there may be challenges in the retail sector, Ecoya is very positive about sustainable growth opportunities this year.”

The Australian market continues to be strong for the Ecoya brand with sales during the year under review of $NZD 6.5m which is 76 per cent ahead of those in the year to 31 March 2010.

Sales of the Ecoya brand outside the founding market of Australia continue to grow with final quarter sales to March 2011 more than triple those in the March quarter of 2010.

In New Zealand, Ross says the company is “thrilled to see stores such as Redcurrent experience strong growth in home fragrance and bodycare after stocking Ecoya products.”

The Trilogy brand is also in growth and the company is pleased with its performance since acquisition.

Ross says “in the future the business overall will have definite synergies which it will look to realise in the 2012/13 year.”