Elektron expects annual sales to be 'significantly ahead'

Elektron Technology increased sales 16.5% in the third quarter of the year thanks to an improved showing from its Bulgin branded products following a successful manufacturing scale-up.

The AIM-listed tech outfit told investors on Thursday that trading across the group had been "strong" throughout the third quarter of the year, with sales increasing 16.5% year-on-year to £9.9m and 17% year-to-date to £25.8m.

Bulgin, which makes sealed waterproof connectors for harsh environments, turned in record quarterly sales of £8.8m, 13% higher than the same period last year, on the back of its successful manufacturing scale-up in order to convert the "continued, unprecedented order demand seen" seen in the first half into sales.

Elektron now expects Bulgin's full-year sales for to be "significantly ahead of management's previously upgraded expectations" and net margins to be in the region of 30% for the full year - substantially ahead of both previous expectations and last years 26.4% mark.

Sales of the group's temperature monitoring software Checkit soared 200% to £300,000 and its glaucoma detection instrument Elektron Eye recorded a 33% improvement in sales to £800,000.

Chief executive John Wilson, said: "The group's Q3 performance has been exceptional. The board now expects full-year performance to be significantly ahead of market expectations."

As of 0900 BST, Elektron shares had sparked up 16.67% to 42p.