3rd Feb 2014 10:30
LONDON (Alliance News) - Energy Technique PLC said its nine monthly pretax profit was ahead of management expectations after a recording a significantly improved operating profit by its trading business, Diffusion.
The company, which produces air conditioning and heating services, said its pretax profit increased to GBP414,000 during the nine months ended December 31, a near five-fold increase on the GBP85,000 in pretax profit it achieved in the previous years' nine month period.
Energy Technique said its sales increased 31% to GBP7.0 million during the period, from GBP5.4 million the previous year as fan coil sales growth continued and the company embarked on a number of large projects.
The company said its trading business Diffusion achieved operating profit of GBP605,000 from GBP237,000 but that sales at its smaller commercial heating product group fell marginally, consistent with continued weaker demand from UK retail high street customers, making an operating loss of GBP146,000.
Energy Technique said the strong results have laid the foundations for an expected increase in sales in excess of 20% on the prior year to over GBP9.0 million for the full year ending March 31.
Energy Technique shares were up 13.6% to 200.00 pence, putting it in the top ten AIM movers Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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