Financial Key Data
The Group’s objective over the medium term is to achieve strong revenue growth whilst maintaining a gross profit percentage in the range of 20-25% so as to be able to invest strongly in research and development, cover other administrative expenses, finance charges and tax and provide shareholders with a good return on their investment in the business..
Revenue in the fourth quarter of 2017 was slightly lower than that reported in Q3 but ahead of Q4 in 2016. A reduction in the gross margin to 7.4% due to a less favourable product mix led to a net loss of $285,000 for the quarter. Order backlog decreased in the quarter as on time delivery improved. Order bookings remain a key focus and will be helped significantly by a reorganised and strengthened sales team and new products, however these are not expected to have a positive impact until towards the middle of 2018.
Sales and Distribution
Revenue increased from $40.5 million in 2016 to $47.5 million in 2017. In sterling terms this was a record result for the Group. The growth reflected improvements in all areas with a particularly good performance in Bipolar and Power Assemblies.
Selected quarterly and annual financial information
All figures have been prepared in accordance with IFRS. Quarterly figures have not been audited except for balance sheet figures for each of the fourth quarters. The figures for the financial years 2015, 2016 and 2017 have been audited. All amounts are stated in thousands of Canadian Dollars except for the gross profit percentage and the gross R&D percentage and for earnings per share figures which are stated in Canadian Dollars per share.