27 Nov 2014

Business Briefs

2:11 pm on 27 November 2014

A round-up from Radio New Zealand's business reporters - Canterbury University and Hawkins ink deal; Energy Mad reports loss; Mowbray expected to confirm loss.

Canterbury University and Hawkins ink deal

Canterbury University says it has approved a major contract with Hawkins Construction.

It said the building firm would construct and develop the university's engineering precinct.

The university said the project was part of a programme costing about $145 million.

It said the Government and the university would pay for it.

Energy Mad reports $1.2 million loss

Energy efficient light bulb maker Energy Mad has reported another net loss, after one-off costs associated to changing its sales model.

In the six months ended September, the loss was just over $1.2 million, which compares with a $500,000 loss in the same six months last year.

Revenue rose slightly to about $4 million.

Energy Mad said its strategic focus was now on a new LED sales model, as well as developing new ecobulbs.

Mowbray Collectables to confirm $709,000 loss

Mowbray Collectables says it will confirm an operating loss of about $709,000 when it reports its interim six-month results to the end of September tomorrow.

It said the result had been driven by disappointing trading and both Mowbray Bethunes and Peter Webb Galleries (Webb's).

The firm said the directors had signalled a significant non-cash write-down of goodwill would be made as a result of the current and future trading outlooks.

It said the company was in discussion with its bankers for a possible refinancing and restructuring of current debt levels to ensure continued solvency.