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25 August 2021 Market Announcement For immediate release Wellington ' Wellington Drive Technologies achieves a first half profit Wellington Drive Technologies ( Wellington and the Company ) , a leading provider of Internet of Things ( IoT ) solutions and energy efficient motors to the retail food and beverage industry , today released its unaudited financial statements for the six months ended 30 June 2021. The Company's Interim Report , with management discussion and analysis , can be found on the NZX website , under the Ticker NZX : WDT at https://www.nzx.com/instruments/wdt . The result for months ended 30 June 2021 ( H1-2021 ) is in line with the Company's announcement on 26 July 2021 . • Revenue was $ 30.6m , a 49.2 % increase . EBITDA ( adjusted ) improved by $ 2.0m . • The net profit was $ 0.62m . • Cash at bank at 30 June was $ 6.1m . US $ invoicing , which is a better indicator of activity , was US $ 22.8m , an increase of 70.5 % over H1-2020 . The Company achieved an EBITDA¹ surplus of $ 1.83m , compared to $ 1.14m last year , and a net profit of $ 0.62m , a $ 1.40m improvement on the same period last year . This result includes a $ 0.3m expense arising from a change in fair value of the contingent consideration payable for the acquisition of iPX and $ 0.4m for the agreed part repayment to staff of 2020 salary reductions . If these one - off charges are excluded , underlying EBITDA for H1-2021 was $ 2.5m , a $ 2.0m increase over the same period last year and the underling profit was $ 1.3m , a $ 2.7m increase . Customer demand is buoyant . As reported previously , the Company is managing several operating constraints including a tight IT labour market , supply shortages of some electronic components , increased component costs , constraints on shipping , increased shipping costs and more recently , the closure of the production line in Vietnam due to a COVID - 19 closure . It is pleasing to now advise that production in Vietnam has recommenced following a temporary Government imposed COVID - 19 closure . It will take a few weeks for production to be back to normal levels . Notwithstanding these ongoing challenges , the Company is maintaining its full year 2021 guidance of US $ invoicing in the range of US $ 45m to US $ 50m and EBITDA¹ earnings to be in the range of NZ $ 3.5m to NZ $ 4.5m before deduction of non - recurring charges . CEO Greg Balla commented , " It is great to see the strong results , as our team is doing an excellent job managing the impact of COVID - 19 , while launching exciting new solutions to the global market . Connect ™ Monitor , launched in March , and Connect TM Network , will be launched in November , allowing our customers to connect their existing refrigeration fleet to Wellington's Cloud and leveraging the data and analytics to is a registered Trademark of Wellington Drive Technologies Wellington Drive Technologies Ltd P : +64 9 477 4500 E : info@wdtl.com 21 Arrenway Drive , Rosedale , Auckland 0632 PO Box 302-533 North Harbour , Auckland 0751 , New Zealand www.wdtl.com WT 9578