Scantech posts profit jump
Adelaide-based technology company Scantech has posted an almost 100 per cent increase in unaudited profit for the 2013 financial year.
Scantech announced expected pre-tax profit of $4.44 million, compared to $2.3 million for the same period last year.
“This profit includes a profit of $237,460 for exchange variance made up of $38,722 of realised exchange loss and $276,182 of unrealised exchange gain,” the company said in a statement to the stock exchnage today.
“Scantech’s normal practice is to review current contract jobs, and profits are recognised based on the stage of completion, costs to complete and jobs being closed.
“At 30 June 2013 additional profit of $1,005,347 was able to be recognised as a result of our latest review.”
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The company said sales were $17.7 million, up 15 per cent on last year’s.
Scantech, headquartered at Camden Park, manufactures process control technologies, specialising in the minerals, cement and coal industries.
Its technology measures the composition and quality of bulk materials as they pass through analysers on conveyor belts.
Scantech analysers are designed and manufactured in Adelaide.
Shares in the company jumped 36 per cent this morning, albeit on low volume trades.
