INTELEK , the Swindon-based electronics and aerospace group, has announced hugely improved profits for the year ending March 31.

Operating profits from continuing operations grew by 59 per cent to £2.46 million with earnings per share on the same basis growing even faster, by 176 per cent, from 1.12p to 3.09p, giving dividends up 67 per cent.

Net debt was reduced by £1.9 million to £5.9 million and there was a 37 per cent growth in its Labtech division's turnover.

Its Pascall division in the Isle of Wight achieved another year of significant growth in in-flight entertainment power supplies and enhanced overall capacity by moving to a new facility.

The company's CML aerospace division did well, increasing sales with two substantial three-year contracts on the Airbus programme.

Intelek chairman Roger Fletcher said: After two months of trading in the new financial year, our order book is some 28 per cent ahead of the same period last year and our gearing position continues to improve.

These positive factors, together with the benefits from ongoing efficiency improvement programmes, give me confidence to expect a good year of progress ahead.

Intelek employs 550 people in the four companies in the group, only eight of them in Swindon.