19th Sep 2018 11:45
LONDON (Alliance News) - Elektron Technology PLC on Wednesday said its profit more than doubled in the first half of its financial year 2019 as revenue grew on higher order intake.
The technology company said pretax profit rose to GBP1.4 million in the six months to the end of July from GBP600,000 reported for the same period in 2017, as revenue rose to GBP15.9 million from GBP13.6 million.
Bulgin division sales totalled GBP14.3 million, up 14% year-on-year, driven through successful implementation of Bulgin's growth strategy. Bulgin designs and manufactures ruggedised products used in harsh environments.
In April, Bulgin partnered with electronic component distributor Arrow Electronics Inc. The company said it secured initial stocking orders of over GBP700,000 during the first-half.
Meanwhile, Checkit unit revenue more than doubled to GBP400,000, helped by new products development. Checkit provides real-time operations management for businesses.
The Elektron Eye Technology segment also performed strongly with sales up 33% to GBP1.2 million, helped by an improved distribution channel. The expansion of the distribution channel includes new partnerships in France and Australia.
Looking forward, Elektron Tech said the second half of it financial 2019 has started well with Bulgin division maintaining record levels of order intake driven by higher customer demand.
"Strong double-digit sales growth during the first half of the year is representative of the continuing multi-year transformation of our business," said Chief Executive John Wilson.
"The board retains its positive outlook for the medium to long term prospects of the group," added Wilson.
Shares in Elektron Tech were trading down 7.5% on Wednesday at 44.85 pence each.