News blog
APC Technology
- BY: Andrew Hore |
- POSTED: 13/11/2014 |
Energy efficiency products and electronic components supplier APC Technology Group made a profit last year despite the abrupt halt to orders by William Morrison in April.
The £4.76m acquisition of water hygiene services provider Green Compliance will provide a boost to profit in the current year. The business is still being integrated but cross-selling opportunities are already emerging. .
The Minimise subsidiary has widened its customer base but supplying LED lighting to Wm Morrison was important in the first half of last year. Revenues from the project were running at £800,000 a month.
In the year to August 2014, revenues dipped from £21.7m to £20.8m, while pre-tax profit is expected to improve from £400,000 to £500,000. In 2014-15, profit is expected to jump to £1.4m. There is nothing included for Wm Morrison which could restart investment.
At 25.25p a share, APC is valued at £18.3m. The shares are trading on 17 times prospective 2014-15 earnings. APC has secured a new £6m working capital facility.
The full year figures will be published in January.
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