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Sevcon accelerates towards record year

Friday, August 7, 2015

Gateshead-based electric vehicle component manufacturer Sevcon is on track for a record year after an increase in both revenue and profit.

For the three months to 4 July 2015, the NASDAQ-listed company reported a revenue to increase to $10.3m (£6.6m) from $9.7m (£6.2m), reflecting strong customer demand for products in the on-road sector.

However, Sevcon said foreign currency fluctuations decreased reported sales by $846,000 (£544,492), mainly due to a stronger US dollar compared with both the Pound and the Euro.

Meanwhile, profits also increased to $261,000 (£167,300) from $213,000 (£136,500) the same period the year before.

For the first nine months of fiscal year, sales were $30.6m (£19.6m) compared with $27.9m (£17.9m) last year, while profits rose to $1.2m (£780,000) from $1.1m (£720,000).

Sevcon president and chief executive Matt Boyle believes the company is entering a new phase of growth.

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Source: Insider Media

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