22nd May 2014 08:55
LONDON (Alliance News) - Energy Technique PLC Thursday said its pretax profit tripled in its full year as fan coil sales drove up overall revenues and improved operating profit at its trading subsidiary Diffusion.
The company, which produces air conditioning and heating services, said its pretax profit increased to GBP649,000 for the twelve months ended March 31 from GBP200,000 the previous year, as revenue increased 26% to GBP9.6 million from GBP7.6 million.
The company said its fan coil sales were particularly strong during the period, increasing by 42% to GBP7.5 million due to a number of large commercial and high-end residential projects needing the equipment during the period.
Energy Technique said that as a result, Diffusion more than doubled its operating profit to GBP906,000 from GBP406,000, representing an improved operating profit margin of 9.5% from 5.4% the previous year.
As such, the company announced a more than doubling of its final dividend, to 2.0 pence per share, bringing its total dividends to 2.75 pence per share, an 83% increase on the previous year.
However, Energy Technique did note that its cost of sales increased to GBP6.6 million from GBP5.5 million, and its distribution costs increased to GBP1.7 million from GBP1.4 million during the period.
The company said trading so far in the year ending March 31, 2015 has started well, with sales during April in line with management's expectations.
Energy Technique shares were up 12% to 221.00 pence, putting it in the top three AIM ALL-Share risers in early trading Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
ETQ.L