A dramatic rise in profits and turnover has been recorded by electronics and aerospace group Intelek, which has its headquarters in South Marston.
In the six months to September 30 the fully listed techMARK company showed it is coping within difficult markets and that its develop-ment strategy is on track.
Turnover increased by 25 per cent to £19.8m (2000: £15.9m) and operating profit before goodwill amortisation increased 31 per cent to £1.4m (£1.1m).
Results include a full contribution from Paradise Datacom, which was acquir-ed in March 2001.
Intelek's activities include the design and manufacture of electronic components and systems for the wireless communications and in-flight entertainment sectors as well as aerospace engineering.
Chairman Roger Fletcher said the company had res-ponded to turbulent market conditions and cost reduction programmes had been imple-mented.
"Shareholders are aware we issued a trading statement at the end of August, reflecting the downturn in the wireless communications market," he said.
"Despite this and the effects of the more recent world events, Intelek remains focused on its corporate strategy and is coping well within difficult markets.
"Labtech, our specialist manufacturer of microwave printed circuit boards and sub-assemblies, has produced a disappointing set of results caused by the well-docu-mented downturn in the wireless communications market.
"As a result, an operating profit margin of six per cent was recorded, substantially down on last year's result.
"Paradise Datacom, our manufacturer of satellite communications equipment, experienced a poor order intake in the US in the first four months of the financial year in a difficult market, resulting in lower than expected sales and profits in the US.
"In contrast, the level of order intake in August and September showed a marked improvement.
"In the UK, Paradise Datacom performed well, achieving operating profits ahead of budget, recording its largest ever export order in August.
"Overall, considering the uncertainties in our markets, I expect to be able to report a satisfactory outcome for the full year."
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