31/08/2011 - 15:37

Advanced breaks through for first profit

31/08/2011 - 15:37

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Advanced breaks through for first profit

Shares in Advanced Braking Technology have jumped after it announced it had achieved a maiden full-year profit, driven by a 55 per cent spike in revenue for the 12 months to June 30.

The Perth-based braking systems group lodged an after-tax profit of $550,000, a significant turnaround from its $1.2 million loss in financial year 2010.

Total revenue was up 55 per cent to $7.2 million.

Chief executive Ken Johnsen said the results indicated the company had entered a new phase of growth.

“The current sales activity and pipeline is indicating continued growth in the mining side of the business,” Mr Johnsen said.

“With a profitable business model now operating in the mining sector, we believe we can replicate this with garbage truck brake systems where we expect to make initial sales in the coming 12 months.”

At close of trade today Advanced Braking’s stock had gained 11.1 per cent, to trade at 2 cents.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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