Redditch, Worcestershire (PRWEB UK) 26 February 2013
Industrial Systems and Rugged Mobile provider Steatite has announced turnover of £15.77 million for the first half of the current financial year. This represents an impressive increase of 39 per cent with profit before tax also rising, by 4 per cent, despite the current economic climate.
Following a £3.5 million contract win in May, to supply in-vehicle rugged electronics for an export client, the company is set to achieve its double digit growth target over the remaining six months of the financial year.
James Munger, Group Marketing Manager at Steatite, comments: “Our revenue for the first half of this financial year is partly due to our success in securing new contract wins, which delivered above average revenue for the period. We are continuing to experience margin pressures resulting from broader economic conditions and competition in our specialist electronic components division, however steps have been taken to improve margins, including the introduction of added value services.”
Steatite designs, manufactures and supplies a range of products and solutions that include bespoke Lithium battery packs, rugged mobile computing/radio solutions and industrial computer hardware and software. Key to its on-going business strategy success is the ability to design, manufacture and stringently test customised products to meet specific customer requirements, such as usage in the harshest of environments.
James continued: “All of our product groups are performing well, with bookings up by 18 per cent and billings up 31 per cent on a like-for-like basis, compared to the same six month period in 2011. We are particularly witnessing more activity from public sector clients looking to further outsource specialist services in line with their cost saving agendas. As such, our enquiry levels remain high, coupled with a continued increase in booking conversion rates. Our order backlog shows a healthy revenue visibility of £13.2 million as of 31st October 2012, so we will now focus on increasing these six month figures through a strategy of organic and acquisitive growth, to help us meet current market forecasts for the whole financial year.”
Earnings per share have increased by 12 per cent to 8.5p, further strengthening the balance sheet and supported by total net assets increasing by 23 per cent to £5.42 million (2011: £4.42 million).
For more information, or to view Steatite’s range of embedded systems and rugged products, visit http://www.steatite.co.uk or call 01527 512 400.
About Steatite Wordsworth
Steatite provides Industrial Systems and Rugged Mobile computing platforms and integrated battery solutions for customers who demand high performance and reliability in mission critical and harsh operating environments. A market leader since 1938, Steatite's success comes from our passion and commitment to deliver high quality and reliable electronic products and services customised to your precise requirements. We place a particular emphasis on providing solutions that are built to last, and that can perform in some of the world’s most demanding operating environments.
Products range from custom battery packs, electronic components, a full range of rugged mobile computers, fixed industrial computer hardware and custom embedded software solutions. With the ability to design and manufacture bespoke units to exact customer requirements, Steatite solutions are built for reliability in extreme conditions.
Sales, engineering, support and manufacturing are all based at Steatite’s purpose-built 25,000 sq ft headquarters in Worcestershire, with EMC, temperature, shock and vibration test services available at the company’s Oxfordshire site.
For more information, visit http://www.steatite.co.uk.
For media enquiries, and images, please contact James Munger on 01527 512400.