The Company’s headline figures for the final audited accounts and report for the year ended 31 March 2012 showed sales up 10.6% at £8.4M (£7.6M 2010-11 on an annualised basis) and profits before tax up 38% at £808.5K (£585.6K 2010-11 on an annualised basis).
Overall FY2011 was a good year delivering a record annual profit. Important progress was made against business targets, reorganisation and recruitment at executive level while also strengthening the engineering team and establishing and progressing a stronger new product development programme. These advances place the company in a good position to grow the business in the future.
While the current global economic climate remains fragile, particularly in Europe, our key markets within the aerospace and electronic sectors continue to be generally healthy. In aerospace Boeing and Airbus both have record backlogs and production rates remain forecast to increase to record levels, particularly to meet the requirement for new more fuel efficient narrow body aircraft. However, global defence spending is expected to continue under pressure while the current financial difficulties continue. The electronics sector also continues to be strong with continued demand from consumers for the latest generations of consumer electronic products.
Cash remained strong through the financial year and stood at £1.76M at the year end. The £/€ and the £/$ exchange rates fluctuated over small ranges during the year and the company was able to manage its foreign exchange position satisfactorily and well within budget throughout the year, which clearly helped the positive result. Maintaining our financial strength has been a key goal to ensure that the company has the capability to continue to manage its way through the current economic issues and ensure we have the ability to support a robust product development programme for our customers and markets.
The Board remains satisfied that the Company is following the correct course to position itself for continued growth while facing the challenges presented by the issues within the global economy.