News blog
Intelek
- BY: Andrew Hore |
- POSTED: 25/11/2008 |
Intelek’s markets remain strong and it continues to report higher profits.
The satellite communications equipment and aerospace businesses both grew their interim profits. The much smaller microwave components business Labtech also reported improved profits but its contribution was relatively minor at £45,000.
Intelek grew its profits from£1.51m to £2.05m in the six months to September 2008. Revenues grew from £17.3m to £18.8m. Net debt was £3.81m. The interim dividend has been increased 10% to 0.165p a share.
The Paradise Datacom satellite communications is adding new products to its range. It has moved into the broadcast market for the first time and this could become significant in the future. The division‘s profits rose from £1.45m to £1.65m. The merger of its two main rivals could provide opportunities for Paradise Datacom.
The CML aerostructures business has appeared to be non-core in the past but it is doing so well that it increasingly looks to be an important part of the group. Demand from Airbus is increasing although not as fast as might have been thought a couple of years ago. Interim profits grew from £762,000 to £1.2m. Three-quarters of second half revenues are covered by projected sales. Revenues are starting to come through from the Joint Strike Fighter project, CML’s first foray into the defence sector. The JSF is still some years away from significant production.
The shares rose 1.5p to 13.5p each, which values Intelek at £11.8m.
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