25 May 2012

Elektron making steady progress

28/07/2011 Ben Jaglom

In an interim trading update, AIM-quoted technology group Elektron (EKT) notes first-half results will be 'in line with expectations'.

The company, which is engaged in everything from making switches to providing technology for ambulances and police cars, has released a short statement saying sales and pre-tax profits for the six months to July are in line with expectations. However, Elektron remarks its tax rate is likely to be higher than in the year to last January, as the company is no longer able to benefit from carrying forward previous year's losses.

Describe trading as 'strong', the company remarks it has a sales visibility of 'approximately eight weeks'. Elektron says it is looking to change its name to Elektron Technology, to 'reflect the priority of the group' and presumably also to increase investor awareness of what it does.

Following the results, analysts at house broker finnCap have held their forecasts. FinnCap sees adjusted pre-tax profits of £6.7 million (for earnings of 4.7p a share) on turnover of £70 million for the year to January 2012. In 2013 it sees profits climbing to £7.5 million and earnings reaching 5.3p a share on sales of £77 million. A dividend of 1p and 1.1p a share is forecast for 2012 and 2013, respectively.

Last recommended by Growth Company Investor this May at 43p the shares have since slumped to 37.5p. Offering a respectable dividend yield with some strong growth prospects in overseas markets we think the shares continue to represent good value. Buy.

Tags: GCI buys, Overseas markets, Technology on AIM

Sector: Electronic & Electrical Equipment

Companies: Elektron Technology

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