Elektron sales growth driven by Bulgin and Checkit subsidiaries
By Iain Gilbert
Date: Wednesday 15 May 2019
(Sharecast News) - Global technology firm Elektron saw sales move ahead in the first quarter of its trading year, boosted by strong sales growth over at its Checkit and Bulgin units.
The strong sales growth experienced by Bulgin in 2018 continued over the first quarter of 2019, with sales 20% higher year-on-year, and while Elektron expects the growth to "moderate" in the second quarter, it still anticipates that the unit will deliver a first-half sales performance "well ahead of the comparable period last year".
As far as its Checkit subsidiary was concerned, the division saw sales grow 49%. It was, however, impacted 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," said Elektron.
But Elektron assured investors that Checkit's transformational acquisition of Next Control Systems enabled it to "move into adjacent verticals with scale, accelerating the route to profitability."
Elektron Eye Technology sales fell 11.2% as the division was up against "very strong sales growth" of 75.6%.
Overall, group sales for the three months ended 30 April increased 17% to £8.9m.
Chief executive John Wilson said: "It is pleasing to report that the group continues to show strong sales momentum."
Elektron will publish its preliminary results for the year ended 31 January on 12 June.
As of 0900 BST, Elektron shares had shot up 9.16% to 44.21p.
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