Elektron is pleased to announce the following trading update and notice of preliminary results:
Group sales for the quarter ending 30 April 2019 increased by 17% to £8.9m (2018: £7.6m)
The strong sales growth experienced through last year has continued in Q1 with sales 20% higher than the comparable period. Whilst we expect this growth will moderate in the second quarter, Bulgin is expected to deliver H1 sales well ahead of the comparable period last year.
Checkit saw sales growth over the comparable period last year of 49%. It was, however, affected by customer trading problems in its original target market, the food service industry. We are now seeing an increasing number of enquiries for non-food applications. Checkit’s transformational acquisition of Next Control Systems announced today enables a move into adjacent verticals with scale, accelerating the route to profitability. We are excited about the potential of the combined business.
Elektron Eye Technology (“EET”)
EET sales fell 11.2% during the quarter but the division was up against very strong sales growth of 75.6% in the comparable period. As previously announced EET is non-core and the Group will look to sell in due course.
Preliminary Results – Date
The Group will publish its Preliminary Results for the year ended 31 January 2019 on 12 June 2019.
John Wilson, Chief Executive, commented
“It is pleasing to report that the Group continues to show strong sales momentum”.