Ambertech Delivers Record Growth, Profits Up 549%
Sydney based distributor Ambertech has witnessed a massive turnaround with revenues climbing by 36.5% over the prior year and profits up 549%
In their latest files the business that parted Company with brands such as Onkyo, Integra and AudioQuest cables this year, reported revenues of $80.14 million up from $58M in 2020.
Profits came in at $5.0 million up from $784,000 in 2020.
The Company is set to pay a final dividend of $1.06 cents fully franked.
The Company ‘recently introduced Dividend Reinvestment Plan will operate in respect of the final dividend for the year ended 30 June 2021.
Shares will be allotted at a 3% discount to the volume weighted average ex-dividend market price of the shares traded on the record date and the three business days following the record date the Company said.
Major drivers of revenue growth were a full year contribution of the brands acquired from the Hills AV business in December 2019. They also benefitted from supply contracts for communication solutions to the defence industry.
In the retail space the Company said that sales to musical instrument retailers had grown and that the successful launch of Philips branded projectors in the consumer electronics retail market had contributed to increased sales.
Management claim that “The opportunity to grow revenue organically remains once COVID-19 impacted market such as live entertainment and tertiary education are able to recover”.