29 Mar 2011

Ecoya boosted by skincare acquisition

1:22 pm on 29 March 2011

Ecoya is forecasting its full year loss to be smaller than earlier estimates, due partly to its purchase of a skincare business.

When the company listed on the stock market in May last year, it expected a loss of $5.2 million in the year to March.

Ecoya now expects to lose $4 million after one-off charges.

The luxury scented candle and fragrance company has also doubled revenue forecasts to $13.8 million.

Ecoya executive chairman Geoff Ross says the Trilogy business is helping boost revenue and the group expects to return a profit in the coming financial year with sales of more than $20 million.

Mr Ross says based on current banking facilities and forecasts, Ecoya does not expect to have to undertake a capital raising.

Ecoya shares rose 3 cents to 75 cents on Tuesday.