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Elektron Technology cautious on outlook as turnaround makes progress

Wed, 08th Feb 2017 08:49

(ShareCast News) - AIM-listed Elektron Technology said it would report a fall in revenue for 2016 as it turns around the company by selling low growth and non-core businesses, remaining cautious in the wider outlook.In a year-end trading statement, the technology company said revenue from continuing operations fell slightly to £34.5m and said the caution was due to macroeconomic conditions and continued sales order visibility of only five to seven weeks.In 2017 the company will continue to pursue its rationalisation programme and aims to conclude two more sales to enable it to target a return to growth in sales across each of the remaining businesses.The company maintained that its focus will be on new product development and that it will invest the excess of the cash generated from its operations in 2018 in order to grow and maintain the momentum in the established brands and fledgling growth brands, with products from the Queensgate business due to be launched in late spring.Chief executive John Wilson said the sales had so far enabled the group to return to a net cash position "for the first time in many years" and provided more management time for ongoing areas of the business."Further simplification is planned for the current financial year creating a more focused group with greater growth opportunities. We shall maintain investment in new product development."Although revenues fell, the company said that the underlying trading performance from continuing operations benefitted from the improved mix of sales and further cost savings to offset the impact £1m sales decline, with net cash at the end of January of £1m compared to net debt of £1.6m last year.
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1 Feb 2013 17:36

STOCKS NEWS EUROPE-UK small caps close 0.7 percent higher

The FTSE Small Caps index gains 0.3 percent, lagging blue-chip FTSE 100 index, up 1.1 percent, and the mid caps, which finish 1.9 percent higher. Shares in Beacon Hill Resource jump up by 44.5 percent after the company - which handles production projects related to the steel industry - sign

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1 Feb 2013 13:33

Elektron suffers 'particularly disappointing' December and January

Elektron Technology shares declined on Friday after announcing that sales from continuing operations in the year fell following a 'particularly disappointing' December and January. A "modest" upturn was seen in the third quarter compared with the equivalent periods in the previous year, but this w

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28 Nov 2012 16:45

Mitchells & Butlers Chief buys 45,800 shares

Alistair Darby, the Chief Executive Officer of Mitchells & Butlers, the UK's largest operator of managed restaurants and pub, has boosted his holding in the group with the purchase of 45,800 shares. Darby, who only took up his current role in October, purchased the shares in two tranches; 44,716 on

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1 Oct 2012 16:16

Workspace Group CEO boosts stake in company

The Chief Executive Officer of Workspace Group, which specialises in providing office space to start ups, has purchased 112,525 shares, significantly boosting his stake in the FTSE 250 firm. Jamie Hopkins, who took on the role of CEO in April of this year, bought the shares at 266p each for a tota

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13 Sep 2012 15:54

Hutchison China Meditech director tops up stake

Michael Howell, an Independent Non-Executive Director at Hutchison China Meditech, a research and development company majority-owned by Chi-Med, purchased 31,800 shares at 435.00p each on Tuesday. The £138,330 transaction, which takes Howell's interest in the company to 153,600 shares, comes six we

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13 Sep 2012 15:48

Elektron says outlook is murky

Shares in Elektron Technology tanked on Thursday after it warned weak levels of demand might continue into the second half of the financial year. The stock lost almost 16% of its value after the firm posted a drop in first half revenues and warned about the outlook for trading. The firm also said

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28 Jun 2012 16:22

Kofax director earns over a million shares

William Comfort, a Non-Executive Director of Kofax, a provider of capture driven process automation solutions, has received over a million shares in the company in exchange for the redemption of his interest in Conversion Capital Master. Comfort received a consideration of just over 1.1m shares, va

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28 Jun 2012 14:38

Elektron Technology in line to meet full-year expectations

Global technology firm Elektron Technology has said that it currenctly expects to meet market expectations for the full year following good sales in the first four months of 2012 which were broadly in line with the second half of the prior year on a pro-rata basis. This was despite the impact of th

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15 Feb 2012 16:09

Sector movers: Electricals rise, while ex-div stocks drag pharmaceuticals lower

The full-year results from industrial materials maker Morgan Crucible were received well on Wednesday, helping to push the electronic and electrical equipment sector higher. Morgan Crucible saw record revenues and operating profit in 2011, with the group making rapid progress towards the attainment

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1 Feb 2012 12:49

Small caps round-up: Mediwatch, Mediterranean Oil, Kea ...

Mediwatch, a urological diagnostic firm, has reported a rise in pre-tax profit (PTP) up from £0.23m to £0.32m for the year ending October 31st. Sales revenue rose from £10.5m to £10.6m, while cash flow from operations jumped £0.58m to £0.84m. The company attributed the rise in PTP to the re-organisa

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22 Nov 2011 14:30

Elektron chairman swoops after profit warning

Shares in instrumentation and electronics supplier Elektron took a tumble last Thursday following a profts warning, and have continued falling since, prompting company chairman Keith Daley to whip out his cheque-book and snap up some cut-price shares. Daley, who has been a shareholder in Elektron s

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10 Mar 2011 17:58

Elektron in line

Instrumentation and electronics supplier Elektron says that trading is in line with expectations in the year to January 2011. AIM-quoted Elektron says that it will release its full year figures on 12 May. Geoff Spink, who joined Elektron as finance director, when his previous company Hartest Hol

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20 Jan 2011 16:42

Non-exec buys after Smiths rejects approach for division

Bruno Angelici, a non-executive director of Smiths Group, has bought his first shares in the company less than a week after it was revealed that the technology supplier had rejected an approach for its medical division. Angelici paid 1392p a share for the 2,000 shares he acquired - a total outlay

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4 Nov 2010 16:38

Departing finance chief cuts Reckitt stake

Departing Reckitt Benckiser finance director Colin Day is cutting his shareholding in the household products supplier. Day announced his departure in October but he had to wait for the third quarter figures to be announced before he could sell any shares. The latest deals are the sale of 20,000

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27 Sep 2010 16:39

Shares for Tanzanite One fees

All five directors of Tanzanite One have taken shares in lieu of directors' fees that they were owed. The directors' fees have not been paid since October 2009. The total unpaid fees to directors and senior management had mounted up to $383,000. The directors' fees were £157,000 of this. The 12p

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