Elektron Technology profits leap after 'exceptional' year
Elektron Technology on Wednesday reported a leap in annual profits after a double-digit revenue increase in its unaudited preliminary results following growth at all three of its businesses.
The electronic connector manufacturer's profit before tax came in at £4.6m for the year ending 31 January, jumping by 70% compared to the year before, as revenue climbed by 13% to £33.7m.
Bulgin revenues climbed by 10% to £30.1m after achieving record order levels, while Checkit sales rose by 100% to £1.0m and Elektron Eye Technology's increased by 30% to £2.6m.
John Wilson, chief executive of Elektron, said: "The group's trading performance in FY19 was exceptional and we have made strong operational and financial progress during the year. Bulgin delivered record profitability, Checkit sales accelerated to plan and EET returned to profitability. We have worked hard to establish the foundation for continued growth in current and future years and hence look to the future with optimism."
Meanwhile, the AIM traded company said the recent acquisition of Next Control Systems for £8.8m will significantly enhance the market opportunity for its Checkit business by adding new capabilities and services.
Elektron said facets such as the acquisition and the expansion of its sales scope provide a strong platform to continue growth through the current financial year and beyond, allowing the board to retain a positive outlook for 2020 and on the company's medium-to-long-term prospects.
Elektron Technology's shares were up 1.61% at 44.71p at 1254 BST.