Elektron Technology PLC Trading Update and Notification of Interim Results (5846N)

TIDMEKT

RNS Number : 5846N

Elektron Technology PLC

10 August 2017

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 2017.

During the period sales from continuing operations were as follows:

 
 6 months to 31 July     2017  2016   % Change 
  (unaudited) 
                         GBPm  GBPm 
 Bulgin                  12.5  11.7       7.0% 
 IMC portfolio*           2.6   3.2     -18.3% 
 Checkit                  0.2   0.1      49.1% 
 Half year outcome       15.3  15.0       1.9% 
 

*Instrumentation, Monitoring and Control portfolio: Elektron Eye Technology ("EET"), Queensgate, Sheen and run off business

Bulgin organic order growth continued in Q2 with orders now substantially ahead of the prior year which will be reflected in H2 sales. IMC sales were reduced as a result of distributor destocking at EET as well as planned reductions in run off business.

Checkit continued to show early promise as described in the AGM statement dated 6 July 2017.

The Group continued to be cash generative and in addition during the period GBP0.8 million was received in respect of the disposals of the Digitron and Titman Tip Tool businesses. Net cash as at 31 July 2017 was GBP2.0 million (31 July 2016: GBP0.5 million; 31 January 2017: GBP1.0 million).

Elektron expects to publish its Interim Report on 21 September 2017.

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 
 
                                            +44 (0)20 
 finnCap (Nominated Adviser & 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

- Quality testing and inspection instruments: Sheen

This information is provided by RNS

The company news service from the London Stock Exchange

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August 10, 2017 02:00 ET (06:00 GMT)