Ken Dwyer Bails As AmberTech Wobbles
Ken Dwyer the former CEO of Audio Products Australia has ceased to be a “substantial shareholder” in Ambertech who recently reported an 11% decline in revenues after losing several leading brands.
Dyer whose Company Equity Management Group was a possible hostile pursuer of Ambertech sold the consumer division of APA to Melbourne based Qualifi. He then sold the Pro Division to Hills. Last week Amber told shareholders that revenues had fallen by 11.9% to $48.2M, EBIT fell from $1.08M in 2016 to $5K in 2017.
Chairman Peter Wallace said recently that the 2017 financial year saw the Company report a loss because of mixed results across their business units, in particular their consumer business.
Similar to other years Wallace claimed that the Board and management of Ambertech believe the strategies in place are
continuing to strengthen their presence in both the consumer and Pro AV markets.
What the Company has not revealed is how they will go with the arrival of Amazon in the consumer market with over 30 key Ambertech products listed on Amazon as available for shipping to Australia at prices cheaper than what is available in Australia.
The Companies Lifestyle Entertainment Segment reported a reduced EBIT result despite sales via the specialist audio channel and Harvey Norman “remaining strong” said Wallace.
Not so strong is the Companies Pro AV business in the residential installation market where the Company is “experiencing difficult trading conditions”.
Wallace said that “These conditions would appear to be influenced by concerns over domestic housing prices, historically low household disposable income and concerns over international politics”.
“Whilst the residential installation market was difficult, we are now seeing some gains from the introduction of new brands into the commercial installation market and we are confident of further growth in this area in coming reporting periods”.
He said that results from their Professional Segment were impacted by reduced sales activity by media Companies. At this stage it’s not known whether Ambertech was a creditor following the collapse of the Ten Network.