22nd Feb 2019 10:41
LONDON (Alliance News) - APC Technology Group PLC said it is "pleased" with the start to its new financial year.
Speaking at the electrical component design and distributor's annual general meeting Friday, the company said its trading in the new financial year has continued to meet management expectations.
Shares in APC Technology were 4.5% higher Friday at 6.40 pence each.
In December, APC reported a sharp rise in profit to GBP550,000 for the year ended August 31 from GBP166,000 in the same period a year earlier, as revenue increased to GBP17.2 million from GBP15.6 million.
APC said its results reflected a full year's benefit from its cost-cutting programme, which led to underlying operating overheads falling 7.5% in financial 2018, despite the two acquisitions made in the year. Administrative expenses fell to GBP4.7 million from GBP4.9 million.