Elstat hoping to bounce back after poor year
ELSTAT Electronics, the Preston-based company which designs and makes temperature control systems, went into reverse last year, newly filed accounts reveal.
The business, which was profitable in 2010, making ebitda of just over £1m and pre-tax profit of £642,000 slumped into the red, as losses of £1.8m (ebitda) and £2.5m (pre-tax), were amassed. Turnover slumped 34% from £23.7m to £15.7m.
The directors said: “The losses experienced in 2011 were as a result of a temporary contraction in developing markets. During 2012 these markets have returned to growth and as a result of the actions taken in 2011, the directors are confident that 2012 results will show a considerable improvement over the previous year.
Chief executive Dave Stevenson left the business in January 2011 and went on to join London-based energy management firm Open Energi. He was replaced by Ged Holmes, and later Nick Nearchou, a London-based executive and investor, became chief executive.
Elstat’s technology is installed into refrigeration units and its patented product ensures energy is not wasted.
The device learns the usage patterns of the refrigerator – which makes sure operating and product temperatures are maintained exactly when required and no longer. Depending on usage patterns – the technology can save up to 50% of annual energy energy costs.
