Elektron Technology PLC Trading Statement (3058V)
November 02 2017 - 2:00AM
UK Regulatory
TIDMEKT
RNS Number : 3058V
Elektron Technology PLC
02 November 2017
Elektron Technology plc
("Elektron", the "Group" or the "Company")
Trading Update
Elektron Technology plc (AIM: EKT), the global technology group,
is pleased to provide an update on trading for the third quarter
ended 31 October 2017.
Sales
Group trading was strong in Q3 with sales increasing 34%
compared to the same period last year to GBP8.6m (2017: GBP6.4m).
Year to date sales have increased by 15% to GBP22.9m (2017:
GBP19.9m).
Bulgin achieved record quarterly sales of GBP7.8m in Q3, 37%
higher than the same period last year (2017: GBP5.7m) following
successful manufacturing scale-up to convert the unprecedented
order demand in H1 into sales. The board expects that Bulgin sales
will revert to more normal levels through Q4.
Sales GBPm Unaudited Unaudited
------------------
Q3 2018 Q3 2017 YTD YTD 2017
2018
------------------ -------- -------- ------ ---------
Bulgin 7.8 5.7 20.3 17.4
IMC (Queensgate
and Elektron
Eye Technology) 0.7 0.7 2.3 2.3
Checkit 0.1 <0.1 0.3 0.2
Total 8.6 6.4 22.9 19.9
Orders
Group order intake remains well ahead of prior year, with all
business segments demonstrating growth.
Bulgin and IMC orders are both 20% above prior year levels year
to date.
Checkit has continued to build recurring revenue streams and
total contracted annual recurring revenue (including forthcoming
contracted installations) now stands at GBP0.7m, compared with
GBP0.3m at the same time last year (+133%).
Cash
Group net cash was approximately GBP3.0m at 31 October 2017 (31
July 2017: GBP2.0m; 31 January 2017: GBP1.0m) following the initial
proceeds from the Sheen Instruments disposal of GBP1.1m in October.
The net cash position has also been impacted by investment in
working capital of approximately GBP0.4m as a result of the strong
trading performance in this quarter.
John Wilson, Chief Executive Officer of Elektron, said:
"Q3 trading has been strong. The Board now expects full year
performance to be ahead of its previous expectations."
Enquiries:
Elektron Technology plc +44 (0) 1223
www.elektron-technology.com 371 000
John Wilson - Chief Executive
Officer
Andy Weatherstone - Chief Financial
Officer & Company Secretary
finnCap (Nominated Adviser & +44 (0)20
Broker) 7220 0500
Ed Frisby / Scott Mathieson -
Corporate Finance
Abigail Wayne - Corporate Broking
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
Notes to Editors
Elektron conceives designs and markets innovative engineered
products and services for businesses that connect, monitor and
control. We have a multi skilled team of engineers, software and
product line specialists based in Cambridge focused on the
opportunities created by global trends in the following areas:
- Demand for ubiquitous power and data: Bulgin
- New waves of "aware" business applications: Checkit
- The effect of ageing on sight: Elektron Eye Technology
- Growth in high precision manufacture: Queensgate
Cautionary statement
This financial information has been prepared only for the
shareholders of Elektron as a whole and its sole purpose and use is
to assist shareholders to exercise their governance rights.
Elektron and its Directors and employees are not responsible for
any other purpose or use or to any other person in relation to this
report.
The report contains indications of likely future developments
and other forward-looking statements that are subject to risk
factors associated with, among other things, the economic and
business circumstances occurring from time to time in the
countries, sectors and business segments in which the Group
operates. Key risks and their mitigation have not changed
materially in the period from those disclosed on pages 12 to 14 of
the annual financial statements for the year ended 31 January
2017.
These and other factors could adversely affect the Group's
results, strategy and prospects. Forward-looking statements involve
risks, uncertainties and assumptions. They relate to events and/or
depend on circumstances in the future which could cause actual
results and outcomes to differ materially from those currently
anticipated. No obligation is assumed to update any forward-looking
statements, whether as a result of new information, future events
or otherwise.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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