6th Jun 2016 07:27
LONDON (Alliance News) - Technology investor Vela Technologies PLC on Monday said portfolio company Revolve Performance Ltd has delivered weaker earnings and sales than expected.
Revolve, a UK-based automotive engineering firm, said earnings before interest, taxation, depreciation and amortisation for the year to the end of December rose 9.0% year-on-year to GBP530,000, while revenue increased 6.0% to GBP8.5 million.
Vela noted, however, the rise in earnings missed expectations due to weaker sales growth than planned.
Vela owns a minority stake in Revolve.
In the first quarter of 2016, however, Vela said Revolve's sales grew 44% year-on-year, with a particularly strong contribution from its Mountune performance parts unit in the US.
Vela shares were flat at 0.19 pence early Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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