Elektron Technology in line to meet full-year expectations

Global technology firm Elektron Technology has said that it currenctly expects to meet market expectations for the full year following good sales in the first four months of 2012 which were broadly in line with the second half of the prior year on a pro-rata basis.

This was despite the impact of the Eurozone crisis on the UK, Europe, Middle East and Africa, which make up two-thirds of group revenue.

However, the firm warned that "effective visibility extends to around four weeks and the board's expectations may be subject to change depending on the macroeconomic picture".

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At its annual general meeting, the Chairman, Keith Daley, said: "Elektron's brands provide proven, sector-leading products in specific geographies, with considerable potential to expand into further territories, and in addition the group has several new product introductions scheduled over the rest of the financial year.

"Elektron is putting in place measures to mitigate the impact of the economic cycle and continues to make good progress in its programme of organisational transformation."

The update proved unpopular with investors, sending the share price down 4.93% to 16.88p.

NR