LONDON (Alliance News) - Touch sensors maker Zytronic PLC held its final dividend unchanged Tuesday after profit and revenue fell amid continuing weakness in its cash machine screen sales.
For the year ended September, pretax profit narrowed 22% to GBP4.2 million from GBP5.4 million the year prior. This was after revenue fell 2.6% to GBP22.3 million from GBP22.9 million the year before.
Shares in Zytronic were 6.1% lower at 347.52 pence on Tuesday.
"The second half trading revenues of GBP11.7 million showed a 10% improvement on the GBP10.6 million reported for the first half," Zytronic Chief Executive Officer Mark Cambridge said.
"However, as detailed at the interims, first half revenues were affected by the performance of the Financial market (comprising ATM touch and non-touch products), which at GBP2.8 million was GBP1.1 million lower than the prior year," Cambridge added. "The second half performance was also impacted by the Financial market, but to a lesser degree, as the improvement in the level of sales did not materialise as quickly as hoped."
Despite this, other areas of the business continued to grow including that of Gaming.
"We are in a strong financial position and cash generative which provides a strong platform on which to develop our business, and to grow profits and dividends for shareholders," Zytronic chairman Tudor Davies said.
Zytronic proposed a 15.20 pence per share final dividend, flat on the year prior. For the full year, the dividend was increased 20% to 22.80p from 19.00p the year before.
"Revenues and trading are currently at similar levels as last year, and the focus will be to improve margins from production efficiencies and to secure new projects from the launch of the new electronic ASIC controllers."
Zytronic (ZYT)