AN Enniskillen-based manufacturer has reported an uplift of more than 20 per cent in turnover to £22.6 million - and is targeting further growth in 2019.
Elite Electronic Systems, which designs and manufactures printed circuit boards and cable assemblies, recorded a 21 per cent rise in revenue from £18.6m to £22.6m for the year ending March 31.
This was boosted by a 12 per cent jump in sales from £15.8m to £17.6m and supplemented by growth within the company's three key markets.
The Fermanagh firm's business from the Republic grew by 40 per cent over the year from £5.1m to £7.2m, while turnover from its primary market in the UK increased by 13 per cent from £12.7m to £14.4m.
The USA and the rest of the world market amounted to £966,909, compared to £762,579 in the previous year
The strong figures translated into a sizeable increase of two-thirds in pre-tax profits from £2.4m to just shy of £4m, while the gross profit margin increased from 15.3 per cent to 22 per cent in 12 months.
Staff numbers also swelled over the year from 165 to 188, taking the annual wage bill from £3.1m to just below £4m.
In the strategic report accompanying the accounts, the Enniskillen firm's directors, Jonathan Bradley and Neville Hale, said they were "satisfied" by the financial results in what is a "very competitive marketplace".
Looking ahead the company anticipates turnover of £26m this year and expects to implement an "ongoing programme of staff recruitment" to facilitate the expected growth in revenue.
"The directors are committed to long term creation of shareholder value by increasing the company's market share through a combination of organic growth and potentially acquisitions. While the upcoming year is likely to be challenging, early results are satisfactory and the directors expect another good year," they said.
Established in 1986, Elite Electronic Systems is a leading provider of sub-contract electronic manufacturing services, to a diverse customer portfolio of companies in the UK, Ireland and internationally.
In addition to the company headquarters in Enniskillen's Lackaboy Industrial Estate, Elite established a US base in South Carolina in 2007.
