News blog
Datong
- BY: Andrew Hore |
- POSTED: 15/06/2010 |
Surveillance technology developer Datong had a very strong trading period in the six months to March 2010.
A strong order intake meant that revenues of £7.41m were 48% higher than the comparative period last year. Stripping out exceptional charges, Datong increased its profits from £172,000 to £530,000. There was a £324,000 write-down on the company’s old premises, which are now in the books for £373,000. There is interest at that price.
The financial year end is being changed to September. Datong still lost money in the 12 months to March 2010. This latest six month period is always the strongest but the seasonality appears to be diminishing. Order intake in the eight months to May 2010 was £11.4m, nearly double the corresponding period, with around one-third of that in the last two months. This indicates that the next six months should be relatively strong.
Much of the revenue growth has been in third party products so gross margins have declined. America is the one part of the business that remains subdued but there are signs of recovery and growth elsewhere. New product launches will help growth to continue.
Net cash has fallen from £2.24m to £1.67m because of increased working capital.
Customer demand for integrated and interoperable products is pushing the sector towards consolidation and Datong wants to be a consolidator.
At 39.5p a share, Datong is valued at £5.46m.
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