Elektron Techology set to exceed expectations after double-digit sales growth

Elektron Technology on Thursday reported a 16.9% rise in sales which were "significantly ahead of the prior year" and ahead of market expectations.

Electronic & Electrical Equipment

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50.10

In a trading update for the six months ended 31 July, the Swedish musical instrument developer said top-line growth was driven by 14.4% growth in sales from Bulgin, the firm’s largest brand, which saw its sales reach £14.3m.

Smaller brands Checkit and Elektron Eye Technology also saw growth, with respective increases of 144% to £0.4m and 33.3% to £1.2m

John Wilson, chief executive of Elektron, said: "Strong double-digit sales growth during the first half of the year is representative of the multi-year transformation of our business. As a result of strong trading in the first half, and current visibility, we now expect our performance for the full year to be ahead of market expectations."

The AIM traded firm’s net cash as at 31 July was £6.8m, up from £2.0m at the same point last year.

Elektron Technology’s shares were up 6.99% at 44.40p at 1557 BST.