A Derby-based electronics manufacturer has hailed it robust position after returning to the black and increasing its turnover during its latest financial year.
Simpatica Group, which is behind Tioga, has reported a pre-tax profit of £194,226 in the 12 months to 31 March 2020, up from a loss of £1.7m in the prior year.
Its turnover also increased from £14.8m to £17m over the same period.
In May 2020 it was revealed that the company had secured a seven-figure facility from HSBC to help protect the future of its 130-strong workforce, maintain supplier payments and cover base overheads due to the effects of the Covid-19 pandemic.
On 17 July 2020 the group acquired all class B shares, representing 25.05 per cent of the ordinary share capital of Cyber1st Manufacturing Ltd.
As a result, the company became a 100 per cent owned subsidiary of the group.
A statement signed off by the board said: "The sustained strong growth of the last two years has certainly placed the group in a more robust position.
"Against the backdrop of the Covid-19 pandemic and the unprecedented global economic conditions, this position gives the directors some degree of confidence and positively about the group's long-term future."
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