Advanced Power Components Plc. (APC.L) announced its interim results for the six months ended 28 February 2013. Profit before taxation for the period rose to 47,000 pounds from 19,000 pounds in the first half of 2012, despite significantly increased investment by the Group intended to strengthen its position in this rapidly expanding market.
Profit attributable to equity holders of the parent declined to 7,000 pounds from 32,000 pounds in the prior year period. On a per share basis, break even for the latest period, compared to 0.1 pence in the year ago period.
Profit for the period rose to 29,000 pounds from 12,000 pounds last year.
Administrative expenses increased in the period to 2.42 million pounds compared with the corresponding period in the prior year's 1.996 million pounds as a result of the consolidation of Minimise as a subsidiary and investment in the other clean tech subsidiaries, QV Controls, Minimise Energy and CeroUK.
Revenues of 9.19 million pounds were 25.4% higher than in the corresponding period in the prior year's 7.33 million pounds principally as a result of the Group's diversification into the cleantech sector.
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