News blog
Elektron
- BY: Andrew Hore |
- POSTED: 25/10/2007 |
A reduction in exceptional charges helped to improve Elektron’s interim figures but the underlying profits were flat.
The electrical and engineering components maker reported a 72% rise in pre-tax profits to £1.1m in the six months to July 2007. Turnover rose 21% to £15.6m. However, stripping out the exceptional charges, Elektron’s profit edged up from £1.16m to £1.19m.
The fall in margins is partly down to the inclusion of carbides and cutting tools producer Howle for the whole period. Its margins were 3.4%. higher metal prices and the weak dollar hit the electrical components businesses.
Manufacturing of Bulgin electrical components has been transferred to Tunisia and Arcolectric’s components production will move to China by early 2009, which alone should save £1m a year.
Net debt has been cut from £5.04m to £1.19m following the sale and leaseback of freehold properties. The recent acquisition of Sifam was financed by the sale and leaseback of its properties so the underlying debt figure shouldn’t be much different.
Sifam produces nano-positioning and other types of meters as well as instruments that measure temperature, pressure and relative humidity. It has annual sales of £8m and will form a third leg to the group. The other divisions are Elektron Components, which has annual turnover of £24m and hard metal components, whose annual sales are £8m.
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