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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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5 Jul 2010 16:33

London close: Footsie drops slightly

London's main markets closed slightly lower after trading within a tight range all day. BP was the strongest blue chip all day on reports that the governments of Kuwait, China and Singapore could inject funds under a £6bn plan designed to shore up the oil group's finances in the wake of the Gulf di

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5 Jul 2010 16:00

UK SMALLCAP ROUNDUP: Sagentia To Beat Market Views

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5 Jul 2010 14:21

London afternoon: London continues drifting

London shares are stuck in neutral, with the Footsie barely changed on the day. BP is the strongest blue chip on reports that the governments of Kuwait, China and Singapore could inject funds under a £6bn plan designed to shore up the oil group's finances in the wake of the Gulf disaster. The cost

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5 Jul 2010 12:30

UK SMALLCAP ROUNDUP: AIM Delistings Down 18% In 2Q

Dow Jones smallcap news is now on Twitter, allowing you to catch up on the news away from your desk. Go to http://twitter.com/DJ_UK_Smallcaps The number of companies leaving London's junior Alternative Investment Market has fallen 18% in the second quarter but delistings still outnumber new lis

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5 Jul 2010 12:17

London midday: Stocks tread water

The London stock market ended the morning little changed, with the general air of lethargy reinforced by the absence of any directional input from the US market, which is closed today. BP is the strongest blue chip on reports that the governments of Kuwait, China and Singapore could inject funds un

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5 Jul 2010 09:30

UK SMALLCAP ROUNDUP: Thor Mining Gold Boost At Dundas Project

Dow Jones smallcap news is now on Twitter, allowing you to catch up on the news away from your desk. Go to http://twitter.com/DJ_UK_Smallcaps THOR MINING PLC (THR.LN) Monday said it has found the greatest concentration of high gold values to date from exploration work at its Dundas gold project

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5 Jul 2010 08:42

London open: Slow start for Footsie

Early gains for Footsie have disappeared quickly in the face of a poor start for the miners and the absence later on of Wall Street, closed for Independence Day. BP is one of the gainers on reports the governments of Kuwait, China and Singapore could inject funds under a £6bn plan designed to shore

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5 Jul 2010 08:00

Elektron to outstrip expectations

After a bumper set of full year figures last month, Aim-listed component distributor Elektron predicts its next set of interims will also be 'significantly ahead' of its expectations. The group added it remains cautious about the second half because of global economic events, but its order book rem

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5 Jul 2010 07:44

Elektron Sees 1H Pretax Profit Significantly Beating Mgmt View

LONDON (Dow Jones)--Electronic equipment distributor Elektron PLC (EKT.LN) Monday said its first half pretax profit is expected to "significantly" exceed its management's original expectations, with the company confident it can also outperform over the full-year. In a brief trading update Essex,

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10 Jun 2010 16:43

London close: Decent day for Footsie

Footsie closed up handily after a decent start on Wall Street on a day dominated again by the problems besetting oil giant BP. On the economic front the Bank of England's Monetary Policy Committee, as expected, left its interest rate and quantitative easing policies unchanged. The European Central

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10 Jun 2010 14:40

London afternoon: Strong US start lifts Footsie

Footsie has perked up following a bright start on Wall Street. British chip maker ARM Holdings is on the upturn on the revival of the old rumours of a bid from US consumer electronics giant Apple. Its FTSE 250-listed peer Imagination Technologies, whose chips are also used in smartphones, is highe

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10 Jun 2010 12:06

London midday: Miners buoy Footsie

Though embattled oil giant BP remains a drag on the index the market had a positive morning session, helped by demand for mining stocks. Wednesday's plunge in the value of its US stock shocked BP into issuing a statement this morning claiming it knows of no reason for the dramatic sell-off. BP shar

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10 Jun 2010 09:08

Elektron perks up on strong orders, outlook

Shares in components firm Elektron rose 2.5% after it reported a surge in orders for the year to date and said it is well positioned for future growth. EBIT for the year ended 31 January 2010 (before exceptional items) rose to £1.8m from £1.1m in 2009. Sales fell to £29.9m from £35.6m before. Th

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10 Jun 2010 08:19

Elektron FY Pretax Profit GBP0.2M On Revenue GBP29.9M

LONDON (Dow Jones)--Elektron PLC (EKT.LN), a technology based provider of engineered solutions, said Thursday that for the year ended Jan. 31, it made a pretax profit of GBP0.2 million on revenue of GBP29.9 million. MAIN FACTS: -Revenue GBP29.9 million (2009: GBP35.6 million) -Operating

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8 Apr 2010 08:34

Elektron outlines improved trading

Shares in components firm Elektron rose after it said an increase in trading in the final weeks of the last financial year has translated into a significant increase in operating profits pre exceptional costs. "This upgrade in management's expectations for the financial year ended 31 January 2010 i

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