25 May 2012

Densitron in upbeat mood

28/06/2011 Miles Nolan

Electronic displays specialist Densitron (DSN) has issued a bullish trading update, thanks to strong demand for its products.

The AIM counter has reported that order intake in the first half of 2011 is up 9 per cent to £10.6 million. Of more significance Densitron has increased both its sales and profits 'substantially' with revenues of £11 million and gross profits of £3.2 million - compared to £8.6 million and £3.2 million respectively last year. The result of this is that pre-tax profits in the first half will now equal what was achieved for 2010 as a whole.

Aside from the strength in core trading Densitron also owns a 1.25 acre piece of land in Blackheath, as expected its attempts for planning permission were recently rejected by the council. An appeal is planned, however the likely realisation of value is unlikely to be achieved in the short term.

Densitron is confident that robust demand provides good levels of visibility, therefore providing comfort it will hit market expectations. The sales office it opened in Italy last year is opening doors for potential new orders, further out there are plans to replicate this model in India later in the year and potentially China in 2012.

House broker Westhouse Securities predicts 2011 pre-tax profis of £1.41 million and EPS of 1.49p. Shares in Densitron were recommended in Growth Company Investor this month at 10.5p, so the 17 per cent increase in the price to 14p today is pleasing. Densitron remains undervalued.

Tags: AIM market, Growth Company tip, Sales office in Italy, Strong trading

Sector: Electronic & Electrical Equipment

Companies: Densitron Technologies

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