Ambertech Still Making Losses Despite Upturn In Lifestyle & Pro Divisions.
Sydney based distributor Ambertech, has reported its strongest growth for several years, with their Lifestyle Division reporting 7.5% growth and their Professional Division 10% growth.
A major contributor to the Companies losses appears to be the New Zealand market.
Revenues rose to $51.8M at June 2018 up from $48.1M at June 2017.
Losses also fell from $634,000 to $143,000 as at June 2018.
They said that sales into the major consumer electronics retail market remained consistent with the prior year, and in a warning to other distributors they claim that their post-Christmas period remains difficult.
Ambertech has continued to see gains from the introduction of new brands into the commercial installation market and the Company is confident of further growth in the future.
Chairman Peter Wallace said that the Company had done “A significant amount of work in re-establishing some key new brands that we hope will assist with growth in future periods”
He added “The results from our New Zealand operation were poor during the year. Revenue was down in most areas of the business, and this led to a loss for the year”.
It appears that the New Zealand business was supported for many years by project work that has not eventuated during the past year.
“We have completed a strategic review of the business in New Zealand and have implemented changes that we expect will assist in growing the sales in this area, as well as strengthening our marketing presence and brand management support”.
CEO Peter Amos was paid a total salary package of $392,045. The next highest paid executive was General Manager Richard Neale who was paid a package of $303,403.