(MENAFN- ProactiveInvestors - UK) APC Technology Group PLC (LON:APC) hailed a breakthrough in its recovery drive as it racked up record component bookings.
APC, which struggled with weak component orders at the start of the year, said orders had risen to 7.2mln, their highest in five years.
The specialist electronic parts distributor said it was already converting bookings to invoices in the third quarter and would continue to capitalise on them in the second half.
It cut annual operating costs by more than 1mln in the first half through a 10% reduction in jobs and other efficiency improvements.
APC completely overhauled its LED supply chain by signing a new European distribution agreement, slashing lead times and freight costs and significantly extending its product range.
The group also said its smart energy arm Minimise Group had moved back into the black after making a full-year loss in 2015.
It made an overall operating loss before one-off items of 200,000 in the six months to February 29 against a 1.4m loss in the second half of last year.
Chief executive Richard Hodgson said: 'In the first half of this year we have seen a significant turnaround since 2015.
"We inherited a soft order book in the component division coming into the year caused by the instability in the group at that time.
'I am very pleased with the progress we have made and believe we are now in a strong position to drive profitable growth.'
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