Crestchic Plc
(“Crestchic”, the “Company” or the “Group”)
Unaudited Interim Results for the six months ended 30 June 2022
Strong trading delivers record first half profit
Crestchic plc, the power reliability company, is pleased to announce its unaudited interim results for the six-month period ended 30 June 2022
Highlights
- Group revenue from continuing operations for the period up by 35% to £21.3 million (H1 2021: £15.8 million)
- Positive sales mix – higher margin hire revenue from continuing operations up 43% to £12.4 million (H1 2021: £8.7 million), increasing Gross Margin % from continuing operations to 50% (H1 2021: 44%)
- Volume and mix drive 51% increase in gross profit from continuing operations at £10.6 million (H1 2021: £7.0 million)
- Operating profit from continuing operations more than doubled to £4.2 million (H1 2021: £1.8 million)
- Interim dividend of 1.33 pence per share declared
- Refocused strategy pays dividends as the group powers ahead to a record first half year profit
- Strong trading driven by a vibrant global data centre market and the imperatives of energy security and sustainability
- New factory capacity in Burton on Trent now on stream and order book at record levels
- Divestment of Tasman Middle East in the process of local registration that will complete the divisional exit
- Management expectations increased for 2022 and 2023
Commenting on the results and the outlook, Peter Harris, Executive Chairman of Crestchic, said:
” To date, 2022 has been a record year for Crestchic. The strength of our pipeline makes us confident that Crestchic will continue to grow strongly into 2023. This buoyant performance across all sectors around the world has led the Board to raise expectations for the fourth time this year.
Productivity gains, coupled with the additional factory capacity at Burton, which came on line in June 2022 on schedule and on budget, are proving invaluable as we continue to grow the business. Our strategy of focusing the business on the global Crestchic brand and its strong markets, with data centres and extractive industries performing particularly well, has transformed the financial performance of the Group, enabling a return to paying progressive dividends to our shareholders. We look forward to the future with confidence”