Elektron Technology swings profit in the second half

10th Sep 2015 08:45

(ShareCast News) - Connectivity and instrumentation monitoring group Elektron Technology swung to a profit in the second quarter of its financial year.In the six months to the end of July, the London-listed group posted a pre-tax profit of £0.3m compared with a £0.6m loss in the corresponding period a year ago.Revenue declined 0.4% from the previous six months to £22m, while underlying operating profit from established businesses rose 56% compared to the first half of the year to £1.4m."The group continues to improve underlying profitability from its established businesses whilst investing in new products for high growth and very large markets," said group chief executive John Wilson."With a further reduction in debt and the imminent launch of the group's flagship product, I have every reason for optimism."Meanwhile, Elektron said Giovanni Ciuccio and Peter Welch will join the board as non-executive directors following proposals from the company's two largest shareholders.Elektron shares were up 3.14% to 6.57p at 0903 BST on Thursday.