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Advanced Power Components
- BY: Andrew Hore |
- POSTED: 20/12/2009 |
- COMMENTS: Add yours
Advanced Power Components slumped into loss in the year to August 2009 but that was mainly down to the exchange rate loss in the first half.
The electronic components distributor went from a profit of £732,000 to a loss of £491,000. That included a £330,000 exchange loss and reorganisation costs of £140,000. Revenues improved from £12.2m to £14.1m.
Managing director Mark Robinson says that the fourth quarter was strong and trading has been reasonably good since then. It is difficult to get long-term deals signed off
The sales team is being refocused and Robinson says that he believes that the company can win market share. A new range of energy saving products will begin to contribute this year but it may take another year before it becomes significant.
APC has gone from a small net cash position to net debt of £2.6m at the end of August 2009. Strong fourth quarter trading meant that the debtors were much higher than previously.
Cost savings will help APC to return to profit even though revenues are expected to decline. Pre-tax profits of £300,000 are forecast for the year to August 2010.
At 6.5p a share, APC is valued at £1.55m.
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