Rakon (NZX.RAK) has announced record earnings for the 12 months to 31 March 2022, on the back of strong global demand for its frequency control and timing solutions.
Total revenue increased 34% to $172.0 million (FY21: $128.3m) and Underlying EBITDA more than doubled to $54.4m (FY21: $23.5m), resulting in a 244% increase in net profit after tax to $33.1m (FY21: $9.6m).
The performance was driven by sustained core market growth and significant new opportunities from worldwide chip shortages, despite Covid-19 and supply chain disruptions.
The company has a strong balance sheet and $23.2m in net cash at balance date.
A new dividend policy has been announced, with no dividend for the 2022 financial year as cash surpluses will be allocated to support planned growth and capital expenditure requirements.
Rakon has strong forward order book and is increasing capacity in New Zealand and India to meet future demand.
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