Holders Technology manages through 'difficult year'
(ShareCast News) - Printed circuit board laminate and LED solutions supplier Holders Technology announced its audited results for the year ended 30 November on Friday, saying both its PCB and LED segments achieved modest revenue growth in the year, with margins maintained.
The AIM-traded firm said PCB overheads were reduced, while LED overheads increased due to additional sales recruitment, and the result before restructuring and impairment costs was somewhat behind 2015.
During the year, its PCB divisions were restructured and costs reduced, and the LED Opteon Germany division was closed.
Group revenue was 1.7% higher year-on-year at £11.38m.
Of that, PCB revenue was 0.4% higher and LED revenue was 5.3% firmer.
The board said group margins remained unchanged.
Holders' operating loss before impairment and restructuring costs was £0.19m, with a total operating loss of £0.37m.
Cash balances stood at £0.78m, which was £0.34m higher than at the end of 2015.
"2016 was a difficult year for the group, but our staff showed commitment and support throughout the year for which we thank them," said executive chairman Rudi Weinreich.
"The board has a continuing belief in the group's ability to overcome the difficulties it confronts."
Weinreich said the directors were "heartened" by the initial signs of improved PCB performance, and by the customer interest in the new 'smart lighting' products added into the LED divisions.
"Given this belief the board considers it appropriate to recommend a final dividend of 0.25p for the 2016 year."