Feb 06, 2003
Comtech is not just surviving, it has invested over �2.5m in recent years on research and development (at a time when most companies are reducing all types of investment), and is producing year after year of record results.
The significant investment in research and development encapsulates the amount of change experienced by Comtech. Having originally been established (with just two employees) as a semi-conductor sales agency business in 1992, Comtech has transformed itself into a leading connectivity solutions provider in the rapidly emerging market of machine to machine (M2M) communications. Comtech now has 43 employees.
Ten years after forming Comtech, Joint Managing Directors Barry Lowe and Steve Davies are pleased to announce another record year. The company grew turnover and gross profit by over 30% in a climate where most technology companies are suffering. More impressively the company exited the year producing monthly profits after taking account of an increasing research and development spend.
Comtech's machine to machine (M2M) communication products and solutions have now been fully released to the market and are being used in a large number of diverse applications such as Retail Monitoring, Gaming Machines, Industrial flow monitoring, Car Park Payment, Industrial Control, Security, Oil/Petrochemical Monitoring and Vending. Comtech has developed a complete system solution for any machine to machine (M2M) connectivity application enabling customers to fully integrate with their remote machines and in doing so, gather vital information resulting in improved decision making, control and in most cases additional revenue streams.
During the last 12 months Comtech has established customer and partnership relationships with many blue chip companies and deployed its technology into many live situations. It was also granted a number of patents during the year for its leading edge technology.
During the year ahead Comtech is expecting further substantial growth in turnover and staff levels and is very confident of the future prospects. Joint Managing Director Barry Lowe commented:
"In the present climate not many technology companies are able to demonstrate a profitable growing company. We have been able to deliver to our stakeholders a company that is well equipped for the challenges ahead. We have exited the year profitable, on a steep growth curve and have the technology and the management team in place. We are looking forward to the year ahead with renewed vigour. During the past two years Comtech received over �2 million of equity investment into the Company so it is particularly pleasing to be able to report back to our investors on our progress"
About Comtech:
Comtech Holdings Limited (formerly Complementary Technologies Limited) design and manufacture communications solutions for machine to machine (M2M) applications. A full portfolio of products includes uWEB� hardware (Modem, ISDN, Ethernet, GSM/GPRS Internet based modules), uWEAVE� server-side software (for integration of machine traffic into existing back office systems) and ISP services for machines.
Comtech Holdings Limited,
Comtech House,
28 Manchester Road,
Westhoughton,
Bolton.
BL5 3QJ
Tel: +44 (0)1942 851800
Fax: +44 (0)1942 851808
info@comtech.uk.com
www.comtech.uk.com
