Business

Enniskillen tech firm Elite Electronics surges forward as profits double

Elite Electronics provided components for CERN's Large Hadron Collider in 2009
Elite Electronics provided components for CERN's Large Hadron Collider in 2009

ENNISKILLEN-based tech company Elite Electronic Systems, which in 2009 the firm secured a contract to provide power supply components to the Large Hadron Collider in Switzerland, more than doubled its year-on-year profits to £4.5 million in 2016.

The Fermanagh firm, which manufactures circuit boards used in medical, audio and industrial equipment, also increased its turnover by 16 per cent - from £17.8m in 2015 to £20.6m last year.

At the beginning of the year, Elite Electronic Systems bolstered its portfolio through the acquisition of a 17 per cent share in Dublin-based electronics firm Anveck Ltd.

At year-end March 31, the company employed 183 staff, mainly in the production sector, supplemented by administrative and managerial workers – a slight increase from the previous year, when this figure sat at 180.

Total staff costs, including pensions and national insurance contributions, came to just over £3.5m.

The company has customers across the globe, including in America, Brazil, and France, to name but a few.

Elite Electronic Systems also holds £13.7m in assets, mainly comprised of stocks, cash and debt. In 2015 this figure totalled £11m.

The strong trading year was reflected in an interim dividend of £1.8m being paid to the company’s shareholders. By year end 31 March 2016, shareholders funds sat at £13.7m.

Elite Electronic Systems have been trading for nearly a quarter of a century and is under control of Enniskillen’s Balfour family.

In 2007 the company established a base in South Carolina, where it employs around 70 staff and counts construction company Caterpillar as one of its main clients.