Spectrum's profits soar
July 18--A South Wales high-tech venture that supplies lasers to mark and identify wiring in aircraft has seen its profits take off
July 18--A South Wales high-tech venture that supplies innovative lasers to mark and identify wiring in aircraft has seen its profits take off.
Bridgend-based Spectrum Technologies has reported a doubling in revenues for the six months to June, up from ?1.87m to ?3.7m in 2004.
The company, which supplies its range of Capris machines to both civil and defense aerospace clients globally, also reports pre-tax profits of ?257,000, compared to losses of ?332,000 last year.
Chief Executive of Spectrum Dr. Peter Dickinson said, "The global economy and the aerospace industry in particular have been making good progress."
"We had been forecasting a turn-up in business towards the end of 2004 for some time, and I am pleased to be able to report that this has indeed occurred on cue."
The company said this year it had won a string of key orders as sales of its new Capris 60-200 wire marker "took off," including a major order from Boeing for five fully automated systems.
Sales of its other laser wire marking and stripping products have also continued at positive levels.
The company started the year with a firm order book, set at ?1.1m.
Overall total order intake for the first half was more than ?4.5m, up 230 percent over the same period last year.
Dickinson said, "However, while the current business climate continues to be positive, we believe we have captured a significant proportion of the major orders available this year and would caution investors not to expect the second half order intake to be as robust.
"Nevertheless, we are well positioned to exceed last year's full year sales total significantly and expect to make group sales of at least ?6.5m"
The company has embarked upon the development of a range of laser wire stripper products aimed at the electronics and aerospace markets.
Dr. Dickinson said, "As we progress through 2005 and approach the year end the current expectation is for a steady progress in both these sectors and to maintain a significant order book through into 2006, while improving margins as the costs associated with recent new product introductions reduces."