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Advanced Power Components
- BY: Andrew Hore |
- POSTED: 01/12/2010 |
- COMMENTS: Add yours
Electronic components distributor Advanced Power Components reported a slightly better than expected profit in the year to August 2010.
The previous year’s loss of £752,000 was turned into a pre-tax profit of £247,000 even though revenues slipped from £14.1m to £13.4m. Better foreign exchange controls and lower overheads helped APC to return to profit.
The order book has started to pick up in recent months. Defence and aerospace orders were held back prior to the spending review but they are coming through again. There is also demand in areas such as digital signage. New distribution agreements will also help.
The electricity optimisation product, the imop, is still being tested by potential customers. Distributors are being signed up outside of the UK. APC plans to add more green technology products to its range so that it can sell them through its distribution network.
At 11.5p a share, APC is valued at £2.96m. House broker Northland Capital forecasts a profit of £300,000 this year with little contribution from the imop. The shares are trading on less than eight times prospective 2010-11 earnings.
Net debt was down from £2.2m to £1.7m thanks to lower stocks and debtors.
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