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Elektron Technology (CKT)

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Thursday 09 August, 2018

Elektron Technology

Trading Statement

RNS Number : 2642X
Elektron Technology PLC
09 August 2018
 

Elektron Technology plc

("Elektron" or the "Company")

 

Trading Update

 

 

Elektron Technology Plc, the global technology group, is pleased to provide an update on trading for the six months ended 31 July 2018.

 

During the period sales from continuing operations were as follows:

 

6 months to 31 July (unaudited)

2018

2017

% Change


£m

£m


Bulgin

14.3

12.5

14.4%

Checkit

0.4

0.2

144%

EET

1.2

0.9

33.3%





Total

15.9

13.6

16.9%

 

 

Bulgin reported record first half sales during the period with order intake remaining at record levels, substantially ahead of prior year.

 

Checkit revenue more than doubled over the prior year due to the planned installations from new contracts won during the past 12 months.

 

Elektron Eye Technology sales are significantly ahead of the prior year, benefitting from a much improved distribution channel and the pulling forward of scheduled orders by a large distributor.

 

The Group traded ahead of market expectations in the first half.

 

The Group continued to be cash generative during the period, despite the increased working capital demands to satisfy the strong trading performance.  In addition £0.8 million was received during the period in respect of the disposal of Queensgate Nano. Net cash as at 31 July 2018 was £6.8 million (31 July 2017: £2.0 million; 31 January 2018: £5.2 million). 

 

Elektron expects to announce its interim results on 19 September 2018.

 

John Wilson, Chief Executive Officer of Elektron, said:

 

"Strong double digit sales growth during the first half of the year is representative of the multi-year transformation of our business. As a result of strong trading in the first half, and current visibility, we now expect our performance for the full year to be ahead of market expectations."

 

 

For further enquiries:

  

Elektron Technology plc

 

+44 (0) 1223 371 000 

www.elektron-technology.com

 

 

John Wilson (Chief Executive Officer)

 

 

Andy Weatherstone (Chief Financial Officer & Company Secretary)

 

 

 

 

 

N+1 Singer (Nominated Adviser & Broker)

 

+44 (0) 20 7496 3000 

Shaun Dobson / Jen Boorer (Corporate Finance)

 

  

 

 

 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

Notes to Editors

About Elektron Technology:

Elektron conceives designs and markets innovative 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

- Real-time operations management using Internet of Things (IoT) technology: Checkit

- Screening for the effects of ageing on sight: Elektron Eye Technology

 

Forward looking statements

This document contains forward looking statements with respect to the business, strategy and plans of Elektron Technology plc and its current goals and expectations relating to its future financial condition and performance. Statements that are not historical facts, including statements about Elektron or management's beliefs and expectations, are forward looking statements. By their nature, forward looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Elektron's actual future results may differ materially from the results expressed or implied in these forward looking statements as a result of a variety of factors 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 21 to 24 of the annual financial statements for the year ended 31 January 2018. The forward looking statements contained in this document are made as of the date hereof, and Elektron undertakes no obligation to update any of its forward looking statements.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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