Elektron returns to growth, starts year with 'strong' order book
Source - SMW
Elektron Technology said revenue from continuing operations in the second half of the year was £16.6m compared with £13.9m (unaudited) in the first half and expects revenue for the full year to be approximately £30.5m, up 10.9%, from a year ago.
The upbeat outlook on revenue was driven by the conversion of Bulgin's strong first half of the year order book to sales revenue and margin improvements.
The group reported net cash was approximately £5.1m at 31 January 2018 (31 January 2017: £1.0m) driven by a strong trading performance and the receipt of £1.9m cash proceeds from the group's disposals of Sheen Instruments, Digitron and Titman Tip Tools.
The new financial year got underway with an order book in excess of £9m compared with £5.9m in the prior year. The group plans to maintain focus on new product development and expects to further invest during FY19 in order to continue to grow.
John Wilson, Chief Executive Officer of Elektron, said: 'The business has delivered on its stated objective of returning the business to growth and starts the year with a strong order book.' 'The Group is well positioned to continue to capitalise on the many opportunities available.'
At 8:55am: (LON:EKT) Elektron PLC share price was +0.3p at 22.7p