12th Jun 2019 11:04
(Alliance News) - Elektron Technology PLC on Wednesday reported a doubling in annual profit after revenue growth across all three business lines.
Elektron, which makes electrical connectors, posted a 70% rise in pretax profit for the 12 months to January to GBP4.6 million, with revenue rising 13% to GBP33.7 million from continuing operations.
Elektron's core business is Bulgin, which delivered a "record" profit performance, Elektron said. Operating profit rose 25% to GBP9.0 million for the unit, and revenue by 10% to GBP30.1 million.
The Checkit unit's revenue doubled to GBP1.0 million, with its operating loss broadly flat at GBP4.5 million, but this was in line with budget.
Lastly, in the Eye Technology business, Elektron swung to a GBP100,000 operating profit after a GBP200,000 operating loss. Revenue climbed 30% to GBP2.6 million.
"The group's trading performance in financial 2019 was exceptional, and we have made strong operational and financial progress during the year. Bulgin delivered record profitability, Checkit sales accelerated to plan and Elektron Eye Technology returned to profitability," said Chief Executive
"We have worked hard to establish the foundation for continued growth in current and future years and hence look to the future with optimism."
Elektron does not currently pay a dividend, saying it would rather reinvest cash in new product development and marketing.
Shares were 4.1% higher on Wednesday at a price of 45.79 pence each.