Date: Tuesday 15 May 2007
LONDON (ShareCast) - Shares in Advanced Power Components were in demand after the electronics components manufacturer announced a 700% hike in pre-tax profits.
Pre-tax profit increased to £208,400 for the six month ended 28 February from £26,000 last time, helped by the contribution of Hero Electronics acquired in May. Revenue increased by 65% to £4.3m.
“The market conditions remain good for our products and services, which together with our plans for expansion, indicate continuing profitable growth for the second half of our current financial year and into the next,” said chairman R. F. Thorne.
Zytronic, which manufacturers optical filters for electronic displays, said it will not meet sufficient profits in the second half to reach market expectations.
The group said de-stocking at its largest market sector held back sales growth in the first half, though it expects sales to return to normal levels in the fourth quarter.
“However, this will be too late to enable the group to achieve sufficient profits in the second half to meet current market expectations,” it added.
Pre-tax profit for the first half was at £427,000 compared with £443,000 in the same period last year on revenue that rose 5% to £5.96m. Interim dividend was the same at 1p per share.
Female fashion group Slimma said the challenging environment has been further complicated by unseasonable warm weather as profits slumped in the first half.
The warm weather affected the group’s second quarter trading period, as retailing buying budgets were reduced.
Pre-tax profit for the six months to March fell to £151,000 compared with £592,000 previously on turnover that fell to £9.2m from £11.2m previously.
“We expect that, with an understandably cautious approach by retailers across our markets, they will ensure that they are not over-stocked in the 2007 Autumn/Winter period and the company's fourth quarter trading period will be similarly affected,” said the group.
Jeweller Abbeycrest jumped today after announcing that it swung into full-year profits, despite reporting that trading conditions continue to be challenging.
Pre-tax profit came to £300,000 for the year ended 28 February, compared to a loss of £3.6m previously. Turnover was down 8% to £64.6m.
“Whilst somewhat improved in the first quarter of 2007, the weight of gold jewellery hallmarked in the UK is still marginally down year-on-year,” the group said.
Renewable fuels group Turbo Power Systems saw pre-tax losses reduce 25% to £1.4m, while production and development income increased to £2.4m from £1.1m previously.
The group also revealed that it received further orders from US firm National Railway Equipment for traction motor controllers and low voltage power supply units. The new orders will add a further £1.2m to the value of contracts received from the group.
