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Transport tech specialist Connexionz back in the black as sales surge

Transport tech specialist Connexionz back in the black as sales surge

New US contracts propel Connexionz' results in 2019

Connectionz makes and deploys intelligent transport systems including this real time busfinder device.

Connectionz makes and deploys intelligent transport systems including this real time busfinder device.

Credit: Connectionz

Christchurch-based transport technology business Connexionz returned to profit in 2019 off the back of surging sales.

Revenue for the year ended 31 March increased by 62 per cent, from $2.7 million to $4.3 million as the company was awarded three new intelligent transport system contracts in California.

That activity helped lift the company's bottom line from a $69,000 lost to a $124,000 pre-tax profit.

The year brought significant change to Connexionz' people, product and processes, chairman Tony Kan and CEO Wayne Smith told shareholders.

"We are now 6 months into the execution of our reimagination strategy which is already showing positive results," the pair said.

"We are particularly pleased to report a turnaround in our core financials with a 62 per cent increase in revenue and a corresponding return to profitability."

The turnaround came from from the implementation of a new customer focused strategy emphasising delivery to customers, reducing rework and driving efficiency as well as the implementation of new  tools and processes to reduce costs.

Connexionz reported it had deployed three intelligent transport systems within the past 12 months, including a real-time tracking system in New York which provides real time arrival predictions for over 4.6 million passengers a year.

The Connexionz board said it intends to re-invest profits to fuel further growth, therefore no dividend would be paid.

Connexionz has been focusing on recruitment, starting at the top with a new board member (Mark Figgitt) in late 2017, and new CEO Smith last November.

Ten new full-time staff were recruited during the year at the company's Addington head office as well as several temporary contractors to ensure that Connexionz could remain on top of the significant amount of work underway.

The majority of new staff were software developers but also include a program manager to oversee delivery and a HR manager to facilitate the company's need for new people and to help to enhance company culture.

Connexionz also hired a customer experience manager based in its Valencia office in California.


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