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Advanced Power Components
- BY: Andrew Hore |
- POSTED: 11/03/2009 |
- COMMENTS: Add yours
Delayed orders and problems with its financial reporting system have hit Advanced Power Components and led to a sharp downgrade in profit expectations.
The electronics components distributor had already highlighted its currency losses when it reported full year figures in January. The exchange loss is expected to be £330,000 in the six months to February 2009. That was already in the forecasts so the latest cut in 2008-09 profit expectations from £500,000 to £100,000 is all due to the new problems.
APC is expected to lose around £300,000 in the first half, against original expectations of a small loss.
Shares in APC slumped 3.5p to 8p on the news, valuing the company at £1.9m.
The delays in orders have been due to late shipments from suppliers or renegotiation of prices due to the movements in exchange rates. These orders should be fulfilled in the second half.
It turns out that some of the overhead assumptions used in the company’s projections were inaccurate. APC is reviewing all of its management and financial information systems in conjunction with its auditors. It expects to report on this review in the near future.
The order book is the highest it has been since 2003.
APC is finalising its exchange rate hedging at the moment. This will cover the period from the invoice date until payment.
St Helen’s capital has cut its 2009-10 profit forecast from £900,000to £700,000.
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