BEACON SHINES BRIGHT AFTER DIM HALF

Written on the 18 August 2016 by Melbourne Business News

BEACON SHINES BRIGHT AFTER DIM HALF BEACON Lighting (ASX: BLX) has achieved record sales and profits for the full year.

Underlying sales increased by $13.8 million to $193.2 million and net profit after tax was up 5.1 per cent to $17.8 million.

The second half was slow though for the Melbourne company, as it felt pressure from the weaker dollar and heavy discounting by rivals like Masters.

The strongest result for the full year came from NSW, with other growth experienced in the commercial, beacon international and online businesses.

In a statement released to the market this morning, Beacon said new product releases, price management, stock management and a favourable foreign exchange position combined to bolster its financials.

Beacon developed new stores over the period, purchased franchised stores and also introduced a new Light Source Solutions GE globe distribution business.

The company has drawn down around $2.5 million on its cash facilities since reporting last year, having $9.3 million in the bank at June 30.

However, Beacon has invested in additional stock and debtors to support business growth, for the company to now have total assets of $71.15 million, up from $64.5 million at the same time last year.

The company wants to open approximately another six stores this fiscal year.

It also intends to introduce a new lighting design software program to provide customers with professional lighting design plans for their home.

The company didn't give detailed guidance, but in its report to shareholders, said it 'looks forward to delivering another record sales and profit year in FY2017'.

Beacon is paying a fully franked dividend of 4.7c per share for the full year. This marks an 11.9 per cent increase on last year.

Beacon shares jumped 7 per cent upon the profit announcement to $1.61 per share. This was a warm reception for the company, which saw its shares plunge more than 20 per cent in May to $1.26 after warning of sales growth slowing.


Author: Melbourne Business News Connect via: Twitter

Latest News

THE 2017 MELBOURNE TOP 50 COMPANIES REVEALED: NUMBERS 50 TO 41

THIS WEEK Business News Australia will reveal the 2017 Melbourne Top 50 Companies, featuring all the movers and sh...

FORMER MFS EXECUTIVES HIT WITH DISQUALIFICATIONS AND MASSIVE FINES FOR MISAPPROPRIATING FUNDS

FIVE key players involved in an investment company that collapsed in 2008 owing $2.5 billion have been ordered to ...

SURFSTITCH BATTLING FOR SURVIVAL

QUEENSLAND based online retailer SurfStitch Group has gone into a voluntary trading halt for three months after it wa...

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

Related News

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

SLATER AND GORDON TAKES SPOTLESS TO COURT

SPOTLESS Group (ASX: SPO) has been hit by a class action launched by Slater and Gordon (ASX: SGH) in the Federal C...

TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP has become the latest in a string of retailers blasted by the volatile retail market, as the iconic fashio...

SIGMA'S SHARE PRICE TAKES A BATTERING AS IT LAUNCHES LEGAL ACTION OVER SUPPLY DEAL

SIGMA Healthcare (ASX: SIG) has taken the MyChemist and Chemist Warehouse chains to court to demand they continue to ...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter