Wellington Drive Technologies

No quantified revenue or earnings guidance was provided. Management's stated ambition of NZ$100m revenue within five years (from the prior-period commentary) implies a CAGR well above the 5.0% delivered this year; IoT's 31.6% growth is the only line currently tracking that trajectory. The year was slightly first-half weighted — HY19 contributed 54.0% of revenue and 58.1% of EBITDA — so the implied H2 shape was NZ$28.4m revenue, NZ$1.8m EBITDA, and an NPAT loss of NZ$0.3m. That H2 NPAT reversal is a caveat against simply annualising the full-year maiden profit.

• What drove the H2 NPAT loss after a profitable H1, and is it cost phasing, mix, FX, or order timing?
• How much of the NZ$6.7m equity increase was new capital raised versus retained earnings and reserve movements, and at what dilution?
• Prior-year segment splits were not disclosed, so IoT's standalone margin trajectory cannot be verified.
• Customer concentration within the IoT book (large food and beverage customers) is not quantified.
• No formal statutory-to-EBITDA reconciliation is provided, and no forward-work or order-book metric supports the NZ$100m ambition.

This briefing cannot assess valuation, share-count or per-share metrics, or the durability of the receivables improvement into FY20.