Plaintree Systems Reports Strong Financial Performance for Fiscal Year 2024

Plaintree Systems Inc. (CSE:NPT) has released its audited consolidated financial statements for the fiscal year ending March 31, 2024. The company reported revenues of $24,204,805, a notable increase from $19,943,120 in fiscal 2023. Additionally, Plaintree achieved a net profit of $1,071,906, reversing a loss of $1,944,940 from the previous year.

CEO David Watson attributed the positive outcome to strategic investments in engineering and design, and an uptick in gross margins despite ongoing high costs. He expressed optimism for continued growth into fiscal 2025.

Plaintree operates two main divisions: Specialty Structures and Applied Electronics. The Specialty Structures Division, including Triodetic Group and Spotton Corporation, focuses on manufacturing specialty structures and custom hydraulic and pneumatic valves. The Applied Electronics Division, comprising Hypernetics, Summit Aerospace USA Inc., and Elmira Stove Works Inc., serves the aerospace and kitchen appliance sectors.