Eroad final quarter result 'broadly in line' with expectations
The logistics and fleet management company had 45,657 total contracted units at the end of 2016.
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Hawke’s Bay
Eroad, the logistics and fleet management company, says its total contracted units at the end of 2016 are "broadly in line" with expectations, with a 5.1% lift from a quarter earlier.
As at December 31, the Auckland-based company had 45,657 total contracted units, it says in an after-trading-hours statement to the NZX.
Units in its established markets of Australia and New Zealand rose 4.8% to 39,964, while units in its commercial market of the US rose 7.4% to 5693.
When announcing its first-half results at the end of November last year, Eroad said it expected strong growth in New Zealand, whereas the US would be modest until there was greater acceptance of electronic logging device compliance.
The volume of distance recorder units contracted to ERoad customers in North America increased 68% to 5301 in the six months to September and rose 35% to 38,129 in Australia and New Zealand.
In the first half of the previous year, the number of units contracted rose more than 300% in North America, and 47% in Australia and New Zealand.
The shares last traded at $1.60, up 0.6% today before the release.
The shares first publicly traded at $3.32 in August 2014 after being sold to investors at $3 apiece, and lost 29% of their value in the last 12 months.
In October, chairman Michael Bushby said the board didn't think the share price, then at a record low of $1.45, reflected the underlying value of the business.
(BusinessDesk)
Sophie Boot
Thu, 05 Jan 2017
Thu, 05 Jan 2017
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Eroad final quarter result 'broadly in line' with expectations
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