22nd Apr 2015 08:45
LONDON (Alliance News) - Densitron Technologies PLC posted a swing to a pretax profit in 2014, and cited its improved orderbook at the end of the year, saying it is in a "good position to continue to grow in the coming year".
Densitron produces electronic displays, electronics and software.
The company posted a pretax profit of GBP340,000, swung from a pretax loss of GBP520,000 a year before, on a rise in revenue to GBP20.7 million from GBP20.0 million. In the previous year the company had posted an exceptional charge of GBP593,000 in relation to a lease settlement.
It said that it had reviewed the cost structure of its business for the short term and had implemented changes, which it said will continue to help its business in 2015.
Densitron said its core business had performed well during the year, helping to offset a shortfall in business for its internally developed products and services. Its RipDraw, Bonding and ePaper display products have taken "considerably" longer to develop and market than it had expected, meaning it did not see the returns it had anticipated in 2014. However, these products have since developed a good pipeline, and will be a key area of focus in 2015.
The company owns a piece of land at Blackheath in London, and it is currently working to re-designate the land to make future development on the land possible. Progress on this is protracted, Densitron said, but is likely to be concluded over the next year. It is continuing to look at other options for the land.
At the end of 2014 it had an order book of GBP13.1 million, up from GBP10.6 million at the end of 2013.
Shares in Densitron are trading up 2.1% at 6.76 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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