Engineering concern Powerspeed Electrical after tax profit for the full year to September was up 40 percent to $653,000 driven by revenue growth from the group’s retail division.
Chief executive Hilton Macklin said an influx of imported products has resulted in the group scaling down its manufacturing unit, while adopting an aggressive drive for its retail division. He, however, said the manufacturing unit remained profitable albeit with low margins.
Revenue increased by 18 percent to $33 million while operating costs accelerated to $9,2 million from $7,9 million.