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Steve's Gadget Blog
UK components maker sees tough times ahead
October 03, 2008
British electromechanical components maker Elektron posted results that saw pretax profit on continuing operations fall to £101,000 from £1.11m pounds a year earlier. However revenues were up to £19.4m from £15.6m last time.
The company said it is facing challenging conditions and that it expects the market to remain tough in the second half. The firm said it is on the lookout for acquisitions, and that the current economic turbulence could work in its favour when seeking suitable targets...[click continue reading for more on this entry]...
“The forward order book is currently softer than would normally be expected,” the company said in a statement. “However, in anticipation of the downward pressure we experience in some of our more traditional products, we intensified our focus on a number of bespoke engineering opportunities, with two significant wins now under our belt.”
The company said the plan to move production to China is on target and will substantially reduce costs in the year starting Feb. 1, 2009. Exceptional costs relating to relocation and redundancy costs totalled £605,000 in the first half.
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