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A busy year sees Connexionz lift revenue but fall into the red

A busy year sees Connexionz lift revenue but fall into the red

Christchurch-based transport tech company wins more US clients

Credit: Dreamstime

Christchurch-based public transport technology company Connexionz lifted revenue 6 per cent in the year to 31 March as it acquired new US contracts.

Revenue grew to $4.6 million but the company's bottom line $52,592 loss was down from a profit of $234.727 in 2019.

Connexionz told shareholders it had completed contracts to install new real time passenger information systems for four government transit agencies in USA during the year.

It also secured major new contracts including multi-year support with several new customers in USA.

Connexionz completed a contract to install new real time passenger information system for a commercial ferry operator in USA as well as supporting vehicle fleet growth for many of its existing transit agency customers.

A new Bluetooth product was developed during the year to meet customer requirements and this has been  installed this in a NZ fleet.

Core products including Busfinder e-ink signs, vehicle logic units and real-time tracking software were also enhanced.

"Enabled by our COVID-19 workplace continuity plan, [we] continued to support our essential service transit agency customers throughout the COVID-19 pandemic both in New Zealand and USA without disruption," the company said.

Employee benefits expenses increased significantly year-on-year from $1.5 million to $2.3 million but cash or equivalents on hand also increased from $369,016 to $1.4 million.

As reported by Reseller News, Connexionz bottom line during the 2019 year was impacted by a malware attack.


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