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Advanced Power Components
- BY: Andrew Hore |
- POSTED: 02/05/2009 |
- COMMENTS: Add yours
Advanced Power Components says that trading is still unpredictable but it should do better in the second half.
The electronics components distributor swung from a profit of £270,000 to a loss of £281,000 in the six months to February 2009, even though revenues jumped from £4.7m to £6.77m thanks to full contributions from past acquisitions. There was a £330,000 foreign exchange loss in the first half but management has put in place a hedging strategy so this loss will not be repeated.
The main weak areas are displays and the Go! procurement business.
There was net debt of £1.45m at the end of February 2009 but that figure should be halved by the end of the financial year.
Trading had been stronger in recent months but Easter was quieter than in the past so April was weaker. House broker St Helen’s Capital now expects a £130,000 loss in the year to August 2009.
At 14.25p a share, APC is valued at £3.18m. A profit of £800,000 is forecast of 2009-10, which put the shares on six times prospective 2009-10 earnings.
These forecasts do not include any contribution from the KVAR Energy Corp energy efficiency products, which could make a significant contribution next year.
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