Profits cooling for cooling products maker
Projected profits for Gold Coast cooling technology company PWR Holdings are cooling, the company has revealed.
In a statement to the Australian Stock Exchange, the company said expenses associated with the company’s new headquarters at Stapylton will drag down its half-year profit by more than $6 million compared with last year.
PWR now expects a half-year profit between $3.2 million to $3.7 million, compared with the $9.8 million half-year profit it recorded for the six months to the end of December 2023.
PWR provides world class cooling solutions for race car teams around the world and has expanded into the aerospace and defence industries.
Its products are used in V8 Supercars, Formula One, NASCAR, Deutsche Tourenwagen Masters and the World Rally Championship.
Managing director Kees Weel said the company had previously expected 2024-24 to be transitional year as the company positions itself for new future growth.
“The investments in Aerospace and Defence capability, factory space, equipment and systems are necessary to prepare PWR to deliver on our medium and long-term growth objective and is consistent with our approach to invest now and collect later,’’ Mr Weel said.
Mr Weel said the company was also experiencing lower revenue in some sectors and had also experienced higher costs.
However, the company says motorsports, aerospace and defence markets would continue to underpin the company’s revenue.
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