LONDON Zetex plc., the developer of analog semiconductor solutions for signal processing and power management, has increased operating profits by 43 percent to £4.0 million in its financial year to the end of 2007 despite and adverse currency impact of £1.5 million.
Revenue for the year was £ 64.6million (about $ 127 million), an increase of 2.2 percent against a market decline in Zetex' sector of 3 percent.
Revenues would have been higher by another £ 4million (about $ 8million) but for one US distributor going into Chapter 11 and another losing a major customer.
Hans Rohrer, CEO of Zetex (Oldham, England) said, “Strengthening our distribution network is essential to fully exploit our product portfolio. As part of this strategy we added two distributors in the first half in Asia and two distributors in Europe in the second half.”
“Whilst these additions did not contribute significantly to our revenues in 2007, these new distributors are now trained and active in the market place and we expect to see a positive impact on our revenues during the course of this year.”
The company's cash reserves increased by 59 percent to £15.8 million. Inventory at the end of 2007 was £14.7 million inline with the company's stated intention to keep inventory in a band between £14 million and £15 million.