China Shoto revenues up 70%
Continued strong demand from the telecommunications industry helped China Shoto, the Aim-quoted lead acid battery maker, to increase revenues 70 per cent to £183.1m last year. The company said that at constant currency rates revenues were up 50 per cent.
Pre-tax profits jumped from £7.2m to £11.6m, £1m ahead of February’s revised forecast from Seymour Pierce, its broker. The forecast for this year has been increased from £11.5m to £12.5m.
Back-up batteries for the transmitters of the rapidly expanding Chinese mobile phones market accounted for £164.8m of total revenues. The company is concentrating on that market, which produces better margins. Meanwhile its sales of batteries for electric bicycles fell from £29.5m to £18.3m.
Financial Times – 28th April
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