LONDON (ShareCast) - Intelek (LSE: ITK.L - news) which makes electronic systems for satellite and microwave communications, expects to
be more reliant on winning government contracts in the next couple of years as the commercial satellite communications market weakens.
The company said it is bidding for a number of chunky contracts and despite a slow start to the financial year expects last year's sales level to be maintained this year.
In the 12 months to 31 March 2009 the company saw profit before tax rise to £3.66m from £3.31m a year earlier, on revenue that rose to £39.28m from £35.96m.
'Although we have been by no means immune to the global downturn, particularly in our final quarter, we nevertheless finished the year in line with market expectations with underlying profit before tax at £4.1m, some 23% higher than the previous financial year,' said chairman David Bramwell.
The full year dividend has been increased to 0.465p from 0.45p.
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