Electric Elektron transforms its business
Cambridge, UK-based global technology design group Elektron has underpinned a remarkable transformation in the business with a thumping set of interim results to the end of July and looks well set for further growth.
Quoted on AIM in the UK, Elektron Technology plc has hoisted group revenue 17 per cent to £15.9 million.
Its Bulgin subsidiary, which designs and manufactures sealed waterproof connectors for harsh environments, saw revenues up 14 per cent.
Checkit, its food monitoring subsidiary, hoisted revenues 146 per cent. Revenues at its Elektron Eye Technology business (EET) increased 33 per cent.
Operating profit including Checkit was £1.4m – up 180 per cent year-on-year. Operating profit from businesses excluding Checkit was up 29 per cent to £3.6m and Checkit losses were slightly lower at £2.2m (H1 FY18: £2.3m). EET returned to break even.
Elektron ended the period with net cash balances of £6.8m – up from £2.1m in July 2017 and £5.2m at January 31,2018. The company reports a positive outlook for H2 and beyond.
CEO John Wilson (pictured) said: “Strong double digit sales growth during the first half of the year is representative of the continuing multi-year transformation of our business. The board retains its positive outlook for the medium to long term prospects of the group.”