23rd Sep 2013 06:53
LONDON (Alliance News) - APC Technology Group PLC Monday issued a bullish trading statement, saying revenues and adjusted pretax profits are running ahead of market expectations due to strong demand for its clean technology products and contributions from its acquisition of Minimise Ltd.
The air pollution control company said it expects to reports sales of about GBP21 million, up more than 50% on last year, and adjusted pretax profit, which excludes a fair value gain on subsidiaries of about GBP4 million, of no less than GBP350,000.
It said that its net cash position had improved to about GBP1 million at the end of August.
It said the restructuring of its investments in the clean technology sector is progressing in line with plan, and Minimise had posted revenues of more than GBP8 million in the full year.
APC Technology bought the 49% of Minimise Ltd it didn't already own in June, although it has another 10% to acquire from minority shareholders, and the acquisition of a 25% holding in Invisible Systems Limited in July. It has also signed agreements to establish a 60% stake in a joint venture in the US, Minimise Energy Americas LLC.
It said it expects to complete the buyout of Minimise minority holders in the new financial year at a valuation similar to that applied to the reorganisation generally.
"Although trading conditions have remained difficult, APC's electronic components business traded profitably through the year and is now beginning to benefit from improving market conditions linked to increasing confidence in the general UK economy," the company said in a trading update.
By Steve McGrath; [email protected]; @SteveMcGrath1
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