Advanced Power Components posts rise in half-year profit

Advanced Power Components said a 25 per cent rise in half-year revenue was driven by the group's diversification in the cleantech sector.

Revenue for the six months to end of February came to £9.19m, up from £7.33m the previous year.

Pre-tax profit rose to £47,000 from the prior year's £19,000 as the company gained from continued momentum in the cleantech market.

"Despite difficult market conditions that continue to affect the traditional business, the group has made marked progress in the first half of 2013," said Chief Executive Officer, Mark Robinson.

"The increase in revenues is promising and I am pleased to report that we are already seeing a sizeable return on the investment we have made into clean technology products and services."

During the period, the firm acquired Minimise Energy and Cero UK. Cero was then merged into Minimise Energy.

Minimise achieved strong performance, encouraging the group to increase its overall investment in the cleantech sector.

"The board is committed to continuing to pursue opportunities in the cleantech sector, and remains confident that it is the right strategy to ensure the group continues to deliver growth to shareholders and builds on the successes it has already achieved," Robinson added.

"We have a strong pipeline going into the second half and I look forward to updating the market on further developments in due course."

Shares fell 3.01% to 32.25p at 16:08 Monday.

RD