14th May 2014 10:33
LONDON (Alliance News) - Corac Group PLC Wednesday said trading has been encouraging so far in 2014, with its order book up 15% since the end of last year and its financial performance and cash position in line with expectations.
In a statement issued alongside its annual general meeting, the gas, air and energy technologies company said the order book in its atmosphere control business had risen by GBP2.8 million since the start of the year to GBP8.7 million. The order book in its Hunt Thermal Technologies business is up 55%, with stronger pipeline in the UK and globally.
Its Corac Energy Technologies business, meanwhile, is making progress in developing its technologies.
"ACI and HTT continue to underpin the group's financial performance and are well placed to continue to build on that success. CET is making good technical and commercial progress, focusing on its strongest technical propositions, its potential markets and the business cases of its end user community," Corac Group Chief Executive Phil Cartmell said in the statement.
"Trends in our markets are viewed positively - recent concerns over affordability of large scale subsea compression programmes reinforces the case for compact, localised compression systems. Similarly, in the Defence market, the announcement of the first female officers on board submarines and the expansion of naval programmes in Asia and Brazil strengthen the role of ACI in national submarine programmes," Cartmell added.
Corac Group shares were up 4.6% at 9.15 pence Wednesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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