Sales surge at Elektron promises record year
Cambridge-based global technology group Elektron Technology plc has continued its upwards trajectory with a further boost in revenues in the third quarter to October 31.
Sales increased 34 per cent on the same period last year to £8.6 million. Year to date sales are up 15 per cent to £22.9m.
Elektron believes it will beat targets and expectations for the full-year based on the Q3 upsurge and healthy order book.
Subsidiary Bulgin, which designs & manufactures quality sealed waterproof connectors for harsh environments, achieved record quarterly sales of £7.8m in Q3 – 37 per cent higher than the same period last year. This followed successful manufacturing scale-up to convert the unprecedented order demand in H1 into sales. The board expects that Bulgin sales will revert to more normal levels through Q4.
Group order intake remains well ahead of prior year, with all business segments demonstrating growth. Bulgin and IMC orders are both 20 per cent above the previous year to date.
Checkit has continued to build recurring revenue streams and total contracted annual recurring revenue (including forthcoming contracted installations) now stands at £0.7m, compared to £0.3m at the same time last year.
Group net cash at period end was approximately £3m following the initial proceeds from the Sheen Instruments disposal of £1.1m in October. The net cash position has also been impacted by investment in working capital of approximately £0.4m as a result of the strong trading performance in this quarter.
CEO John Wilson (pictured above), said: “Q3 trading has been strong. The board now expects full year performance to be ahead of its previous expectations.”