North Tyneside-headquartered Advanced Electronics has reported surging revenue, with growth in several markets, according to new results.
Advanced Electronics designs, manufactures and distributes electronic life safety equipment, predominantly associated with systems for fire detection. The company operates from offices in the UK, the US, Dubai and India.
Revenue for the year ended 31 March 2019 surged to £25.5m, up 20.4 per cent from £21.2m 12 months earlier. This was underpinned by strong growth in the UK, Europe, Asia Pacific and Australia markets.
However, pre-tax profit dipped slightly to £6.3m, down from £6.6m in the previous year and a reduction of 3.9 per cent.
During the period, the company relocated to new premises on Balliol Business Park in North Tyneside and consolidated its three previous manufacturing facilities based in Cramlington to a new single site operation.
The company also finished the year with net assets of £12.8m, up from £11.4m and a positive cash balance.
A strategic report that accompanied the results touched on the company’s commitment to research and development.
It said: “The company has an established product range. It continues to undertake significant research and development activities.
“The directors regard R&D investment as necessary for the continuing success of the company in the medium to long term.”
Originally published on InsiderMedia