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BEACON Lighting (ASX: BLX) has achieved record sales and profits for the full year.
Underlying sales increased by $13.8 million to $193.2 million and net profit after tax was up 5.1 per cent to $17.8 million.
The second half was slow though for the Melbourne company, as it felt pressure from the weaker dollar and heavy discounting by rivals like Masters.
The strongest result for the full year came from NSW, with other growth experienced in the commercial, beacon international and online businesses.
In a statement released to the market this morning, Beacon said new product releases, price management, stock management and a favourable foreign exchange position combined to bolster its financials.
Beacon developed new stores over the period, purchased franchised stores and also introduced a new Light Source Solutions GE globe distribution business.
The company has drawn down around $2.5 million on its cash facilities since reporting last year, having $9.3 million in the bank at June 30.
However, Beacon has invested in additional stock and debtors to support business growth, for the company to now have total assets of $71.15 million, up from $64.5 million at the same time last year.
The company wants to open approximately another six stores this fiscal year.
It also intends to introduce a new lighting design software program to provide customers with professional lighting design plans for their home.
The company didn't give detailed guidance, but in its report to shareholders, said it 'looks forward to delivering another record sales and profit year in FY2017'.
Beacon is paying a fully franked dividend of 4.7c per share for the full year. This marks an 11.9 per cent increase on last year.
Beacon shares jumped 7 per cent upon the profit announcement to $1.61 per share. This was a warm reception for the company, which saw its shares plunge more than 20 per cent in May to $1.26 after warning of sales growth slowing.
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