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Energy Mad cuts annual loss

NZN 25/05/2016 Sophie Boot

Energy efficient lightbulb marketer Energy Mad has trimmed its annual loss as Australian sales surged higher.

The net loss was $1.3 million in the year to the end of March, from $3.2m a year earlier, it said.

Revenue rose 42 per cent to $8.4m, as Australian sales jumped by $2.8m compared to a year earlier, while New Zealand sales edged up 1 per cent to $2.2m.

Energy Mad said the Australian growth came from its development of new LED ecobulbs targeted towards state government energy efficiency schemes in Victoria, South Australia, and the Australian Capital Territory.

It said there is increased potential in the schemes which were all extended last year, with Victoria and ACT's schemes pushed out to 2020.

It expects a decline in orders for its fluorescent bulbs to be more than offset by an increase in LED sales in Australia.

The company made an operating profit of $550,000 between February and April 2016 and said it expects this operating profit to continue in 2017.

Energy Mad shares gained 13 per cent to 6 cents and have gained a third this year. The stock has tumbled since listing in 2011 after being sold in an initial public offering at $1 apiece.

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