LONDON (Alliance News) - Clean air and air filtration technology firm MayAir Group PLC Monday reported a rise in pretax profit for 2015, its maiden results since listing on AIM last May.
The company reported a pretax profit of USD7.5 million, up from USD6.5 million in 2014, as a rise in revenue to USD63.6 million from USD43.8 million was offset by higher selling and distribution and administrative expenses.
MayAir attributed its revenue growth to higher demand and the completion of some significant industrial cleanroom projects during the period.
MayAir raised GBP16.2 million in its initial public offering. It said it plans to funnel the funds into its research and development, including constructing a new primary manufacturing facility.
"The board anticipates continued momentum in both the industrial and commercial sectors as the demand for clean air at work and at home shows no signs of abating. The strategy of diversifying and expanding into other countries in Asia is on track. The board believes that MayAir is well positioned to take advantage of the opportunities available to the group and we look forward to the coming year with optimism," said Chief Executive Officer Yap Wee Keong in a statement.
Shares in MayAir were up 8.5% at 70.00 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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