Electric Elektron continues exciting turnaround
CEO John Wilson and his team have continued a remarkable turnround in fortunes for Cambridge consultancy Elektron Technology plc.
Since Wilson chopped out the deadwood and built the platform for growth the business has enjoyed a buoyant last couple of years – culminating in excellent preliminary results for the year to January 31.
Revenues from continuing operations increased 13.1 per cent to £33.7 million with growth in all three of the group’s businesses. Operating profit from continuing operations soared 77 per cent to £4.6m.
EBITDA (Earnings before interest, taxation, depreciation and amortisation) on continuing operations was up 33 per cent to £6.8m.
In May of this year, Elektron acquired Hampshire-based Next Control Systems Limited for £10.5m.
Elektron ended the year with double the amount of net cash at £10.1m. Wilson said: “The group's trading performance in FY19 was exceptional and we have made strong operational and financial progress during the year.
“Bulgin delivered record profitability, Checkit sales accelerated to plan and EET returned to profitability. We have worked hard to establish the foundation for continued growth in current and future years and hence look to the future with optimism.”
Executive chair Keith Daley added: “The recent acquisition of Next Control Systems significantly enhances the market opportunity for Checkit. Next Control Systems adds new capabilities and services and brings immediate scale to the business.
“We look forward to realising the many opportunities offered by the combination of Checkit and Next Control Systems.”