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Record year at Sevcon

Tuesday, December 20, 2016

Electric vehicle component manufacturer Sevcon has posted record sales and is sitting on a healthy order book ahead of 2017.

Releasing its results to the New York NASDAQ, the Gateshead-based company reported turnover of $49.8m (£40m) compared to $41.1m (£33m) the year before.

The sales rise was boosted by the acquisition of Italian battery charging company Bassi earlier in the year, although costs associated with the deal, as well as recruiting more engineers and the falling value of sterling, impacted Sevcon's bottom line.

As a result, the business suffered an operating loss of $5.3m (£4.2m) compared with a profit of $1.9m (£1.5m) last year.

However, Matt Boyle, Sevcon president and chief executive, remained upbeat and said the acquired business has "performed above our expectations for 2016".

 

Read the full article here (Insider).

For more information read the following sources:

ChronicleLive
BDaily
The Nothern Echo

 

 

 

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