13th Nov 2014 09:26
LONDON (Alliance News) - APC Technology Group PLC said in a trading statement Thursday it remains "very optimistic" about its future prospects, as it performed in line with market expectations for its recently ended financial year.
The technology and services firm agreed a new GBP6 million working capital facility with ABN Commercial Finance which it said will allow it to consolidate all of its working capital facilities, and is undertaking negotiations to consolidate all of its clearing banking arrangements.
The company said it had performed in line with expectations in the year to end-August, signing "significant" new contracts in the UK and North America. Its energy efficiency business Minimise Energy saw a number of initial orders from a UK food and clothing retailer and a high street bank, which it said have been supplemented by further orders after the year end.
It has now also secured a contract from a UK logistics company, and from organisations in North and Central America. It noted that a number of these contracts including a "sizeable element" of recurring revenues. Following its acquisition and integration of Green Compliance, it has taken steps to drive down operating costs.
It said additional costs from strengthening its management team will be more than offset by cost reductions elsewhere across the group as it removed a layer of management.
Its Advanced Power Components and Green Compliance businesses continue to be stable in the current year, and are trading in line with expectations after the initial two months.
"The group has continued to benefit from an ever-increasing demand for its services and has ambitious plans for further growth which I look forward to reporting on in the coming months," said Chief Executive Officer Mark Robinson in a statement.
APC expects to release its full-year results in January.
Shares in APC are trading up 3.5% at 25.10 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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