All three of Intelek’s main businesses reported improved profits last year.
The reported figures showed a fall in profits from £5.62m to £3.31m in the year to March 2008. The comparative figures included a substantial pension gain. The underlying profits improved from £2.34m to £3.31m on flat turnover of £36m.
The microwave components division moved from a loss of £479,000 to a profit of £154,000. Delayed work means that the first half of the present year will be tough but management believes that there will be further improvement in the division’s profits.
The core satellite communications division improved its profits from £2.95m to £3.17m. A new office has been opened in Bangkok and a Beijing office is expected within the next 12 months. New products are increasing the size of the company’s addressable market.
The aerostructures business probably has the best prospects. Its profits rose from £1.58m to £1.78m. The 12 month order book increased 22% to £10.5m. Strong demand for the A320 from the Middle East and Asia has helped this business prosper. This division supplies £8,000 worth of components for each A320.
Intelek had already flagged up the good results six weeks ago. The shares lost 1.25p to 16.75p, which values Intelek at £14.6m.
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