Rakon returns to profit

Rakon (RAK) posted strong results this morning, with a return to profitability and revenue up nearly a third for the year to March 31.

Revenue rose 31% to $189 million, while an $8.5 million net profit was recorded compared to a $5.4 million loss posted the year before.

Managing director Brent Robinson said the business had been recovering from the financial crisis and the results reflected recovery apparent since the second half of the 2010 financial year.

“Rakon has continued to followed its strategy of establishing a globally competitive business with a broad range of technology leading products. During the year we have begun to see the benefits emerge and financial returns accrue and we expect this to continue,” he said.

Mr Robinson said he expected growth to continue. “Our sales volumes for the first 6 weeks of the new year are well up on the same period in the prior year, which gives us confidence that 2012 will build further on the successes of last year.”

Rakon shares were last trading at $1.24.

NBR Staff
Wed, 18 May 2011

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