Specialist electronic components company APC Technology Group posted a modest first-half profit of £470k, rising from a profit of £353k on-year.

Revenue for the six months through February rose 24% to £10.7m.

'These results show a further increase in the group's profitability and demonstrate the continuing success of the strategy of concentrating on the technical sales of specialist electronic components, products and systems,' chief executive Richard Hodgson said.

'We are achieving this growth through our stated strategy of increased revenue from our existing technologies, signing new product lines and carefully targeted bolt-on acquisitions.'

'We have also strengthened our balance sheet, with positive cash flow during the period and a decrease in debt, whilst achieving a reduced fixed cost base and a centralised support structure that is capable of absorbing further acquisitions.'

At 2:44pm: (LON:APC) APC Technology Group PLC share price was +0.88p at 9.5p