APC Technology Appoints CFO As It Sees Strong Divisional Performance

LONDON (Alliance News) - APC Technology Group PLC said Monday it has appointed Art Russell as its chief financial officer, and its Advanced Power Components business saw its best first half performance in terms of bookings since 2011.

The company said the Advanced Power Components business saw bookings of GBP7.2 million in the half year to end-March, up 28% compared to the comparative period the previous year. It did not provide the comparative figure. This included bookings of GBP1.8 million in February, which were the highest ever recorded in a single month, it said.

Russell has had over 25 years in senior finance positions, APC Technology said.

"It is very reassuring to see the continuing recovery in the component distribution order book and the future cash flow stability that brings to the group. This follows on from a difficult 2015 in terms of bookings and shows the potential we have in that business with the products and customers we service. I would like to congratulate the staff in our distribution division who have worked incredibly hard to achieve this turnaround in challenging circumstances," said Chief Executive Richard Hodgson in a statement.

Shares in APC Technology were up 19% at 9.20 pence Monday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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