24 Sep 2018 07:00
24 September 2018
APC TECHNOLOGY GROUP PLC
("APC" or the "Company" or the "Group")
Post Year End Trading Update
The Board of APC, which provides design, specification and distribution of specialist electronic products and components, are pleased to confirm that the unaudited full year results to 31 August 2018 are expected to be in line with management expectations.
The full year 2018 results will deliver another year of growth in revenue and profit. 2018 has also been a transformational year through the roll out of our strategy and the acquisitions that have been completed.
These positive results have meant that net debt at the end of the year is expected to be have decreased to £2.5m (2017: £3.1m) of which £2.3m (2017: £2.5m) related to amounts owed under the Group's £6m invoice finance facility with ABN Commercial Finance. Cash at the year end has increased and stood at £0.8m (2017: £0.4m).
Aspen Electronics Limited ("Aspen") Integration and the enlarged Group's bookings
The integration of Aspen is going very well and the enlarged Group is already progressing on driving synergies. It is worth noting that the enlarged Group took bookings of £22.5m in the year to 31 August 2018, representing a healthy book to bill ratio. This run rate positions the Group as a significant player in the design and specification distribution industry.
Business Strategy
The Board remains confident of further revenue and profit growth in 2019 and remains committed to the Company's three main growth drivers: growth through increased bookings from existing technologies, in particular those that sit in high growth markets; growth through the signing of new complementary product lines; and growth through targeted bolt-on acquisitions.
Richard Hodgson, Chief Executive of APC, commented:
"2018 has been a transformational year for APC. We have significantly increased the scale and profitability of the business and this means that we can offer an even greater value added service to our technology partners and our customers. We will continue to pursue our three faceted growth strategy of selling more of the technology and products that we have with our enlarged sales force, of signing new, proven technology partners and through strategic bolt on acquisitions."
Enquiries
APC Technology Group PLC +44 (0) 330 313 3220
Richard Hodgson, Chief Executive www.apcplc.com
Michael Thompson, Finance Director
Stockdale Securities Limited (Nominated Adviser and Broker) +44 (0)20 7601 6100
Mark Brown / Antonio Bossi / Edward Thomas