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Holders Technology swings to profit as euro strength boosts revenue

By BFN News | 09:02 AM | Friday 02 March, 2018


Holders Technology reported profit after tax was £17,000 for the year to the end December, compared with a loss of £395,000 in 2016, underpinned by favourable foreign exchange movement. Gross margins improved to 26.3% from 24.9%, while revenues grew to £12.2m for the year from £10.7 in 2016. Nearly half, £0.7m, of the revenue growth was driven by euro strengthening against sterling. Revenue in the PCB divisions was £9.5m, up from £8.3m, while operating profit was £214,000 as margins improved from 22.2% to 24.2%. Approximately £0.6m of the PCB revenue growth was related to the euro strengthening against sterling. The company declared a final dividend of 0.25p per share payable, taking the the total dividend for the year, to 0.50p per share, unchanged from 2016. R W Weinreich, Executive Chairman said: 'Our German PCB operations, the largest single element of the Group, had a successful year with satisfactory growth from both existing and new product lines. Investments were made in machinery and improved systems during the year and we plan further investment in 2018.' 'UK PCB operations achieved encouraging revenue growth from a number of new product lines. The directors expect modest revenue improvement in 2018.' 'LED revenues overall amounted to £2.8m (2016: £2.4m) with gross margins decreased slightly to 33.4% (2016: 34.2%) and operating losses being reduced from £229,000 in 2016 to £92,000 in 2017. Approximately £0.1m of the LED revenue growth related to the Euro strengthening against sterling.' 'The LED divisions both had stronger second halves in 2017 with the UK division, in particular, substantially improving its performance. The product range continues to develop with smart lighting controls a key focus for the future. Both divisions were profitable in the second half of the year.' At 9:02am: (LON:HDT) Holders Technology PLC share price was +4p at 37.5p Story provided by StockMarketWire.com

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