Companies: EKT   

Power electronics and electrical components firm Bulgin's final results showed a £1m profit before exceptionals, goodwill and tax for the 12 months to 31 January, in line with broker Teather & Greenwood's estimates and 33% up on the previous year's figures. Turnover increased by 22% to £17.5m. Existing businesses are expected to deliver about 20% profits growth, lower than previous expectations as its traditional components business is struggling due to the global downturn. However, the company is on what looks like a significant acquisition trail with plans to try and double the size of the components business to make significant cost savings. It also hopes to expand the offering of its higher margin power electronics business. The AGM is probably going to be delayed to 'give events time to take their course' according to chief executive Brian Emerson. The acquisitions will be funded using a mixture of debt and equity. Bulgin's highly specialised power electronics side, swelled by the purchase of Milmega for £1.3 million, manufactures power supplies and management systems, and reports a strong order book looking forward. A stock well worth keeping an eye on.