News blog
Elektron
- BY: Andrew Hore |
- POSTED: 12/06/2008 |
Electrical components and cutting tools manufacturer Elektron’s revenues grew by one-third in the year to January 2008.
The August acquisition of Sifam and a full year’s contribution from Howle accounted for much of that growth.
Sifam makes up the instrumentation division. It produces nano-positioning and other types of meters as well as instruments that measure temperature, pressure and relative humidity. It generated sales of £3.7m in the six months it was part of the group. The other divisions are Elektron Components, which has annual turnover of £22.9m and hard metal components, whose annual sales are £8.3m.
Restructuring of the group has meant that much of its manufacturing has been transferred to Tunisia and China. More recent purchases are also likely to have manufacturing transferred overseas.
The components business makes the vast majority of group profits. Underlying pre-tax profits improved from £1.79m to £1.96m.
The final dividend is being increased by 12.5% to 0.45p a share.
Net debt was £1.55m at the end of January 2008.
Elektron is cautious about the current outlook but believes it will help to turn up acquisition opportunities. The shares rose 0.25p to 14.25p, valuing Elektron at £12.3m.
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