Engineer Specialist Energy Group (LON:SEGR) set the seal on a year of significant progress by posting a sharp rise in profits and revealing its net debts had halved over the period.
It posted a 5 per cent rise in sales to £38.5 million in the 12 months to December 31. Operating profits were £3.6 million, up 52 per cent, while pre-tax profits advanced £400,000, or 23 per cent to £2 million.
Gross profit margins rose 3.2 percentage points to 34.9 per cent, while a £5 million fundraising in December helped cut the net debt to £6.7 million.
Specialist Energy booked a £3.7 million charge related to the reverse acquisition of Nviro in January last year, which was part of its AIM listing.
Chairman John May said: “Our main operating subsidiary, Hayward Tyler, has made strong progress with it recording a significant increase in its operating profit.
“Likewise, our forward order book is growing with both the manufacturing and aftermarket sides of the business performing well.
“As a result we look to the future with increased confidence and expectations given the strengthening of our balance sheet and the growing opportunities in the markets in which we operate.
“We are also pleased that the exceptional one-off items associated with the reverse and readmission to AIM are now behind us."
The company’s main operating subsidiary is Hayward Tyler, the Luton-based maker of boiler circulating pumps used in power stations.