Electronics company Armour Group has announced a return to profit of £600,000 after posting a loss of £1.2m in 2012.
The £1.8m turnaround is more remarkable considering the company reported a turnover of £32.1m, down from £34.4m last year, in its preliminary results to August 31.
The Tunbridge Wells-based firm designs and manufactures home and in-car communications and entertainment, employing more than 300 people across eight operating sites in the UK, Sweden and Hong Kong.
Tunbridge Wells-based electronics firm Armour Group have returned to profit after making losses last year
It has two principle operating divisions, Armour Auto and Armour Home.
Armour Group chief executive George Dexter said: “The financial results provide hard evidence that the group’s recovery from the impact of the economic downturn is well underway.
“The operating profit of £0.6 million in the year represents a £1.8 million improvement from the loss reported in the 2012 results.
“All our operating businesses showed good improvement on their prior year performances, and in the case of Armour Home, our home entertainment division, this improvement has been significant.
“Strategically, we have continued to focus on developing the core brands in our portfolio, our key customers and sales channels whilst optimising the cost base and gross margins within the group.
“I believe that good progress has been made in respect of all these strategic objectives in 2013 and I am confident that further progress and improvement will be achieved in 2014”.