Published: 06:00, 02 June 2014
| Updated: 10:15, 02 June 2014
An electronic components group has seen revenues grow 32% to £12.1m after acquiring an energy firm and expanding into North America.
Pre-tax profits at APC Technology surged by 1,519% to £761,000 from £47,000 in the six months to February.
In November, the Strood-based company completed the acquisition of the remaining 10% of Minimise Energy.
This was followed by the launch of a joint venture with Minimise Energy Americas to expand into the USA in December.
Minimise contributed revenues of £5.8m for the period, while APC actually saw turnover fall from £6.4m to £6.2m.
Net cash at the firm – formerly known as Advanced Power Components – is also up 40% to £1.4m from £966,000.
APC chief executive Mark Robinson said: “Our Minimise smart energy saving products and services business has continued its strong growth and we have successfully expanded the customer base, opportunity pipeline, product offering and depth of service provision in the period.
“In addition, we are very pleased to have expanded the Group’s global reach with its entry into the North American market which we believe holds significant opportunity for the group.
“Advanced Power Components has had a very good period of order intake and this, along with improved market conditions is providing good grounds for optimism for a return to growth for this business.
“The board is looking forward to the full year with confidence, with a growing customer base and a significantly increased project pipeline.
“The market for energy savings products and services is gaining considerable momentum and the Board is confident that the results achieved so far will be expanded upon.”
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