21st May 2015 09:16
LONDON (Alliance News) - Energy Technique PLC Thursday posted a rise in pretax profit for its recently ended financial year, boosted by the continuing improvement in the UK fan coil market, and raised its total dividend.
The company manufactures and distributes fan coils and commercial heating products.
For the year to end-March the company posted a pretax profit of GBP776,000, up from GBP649,000 a year before, as revenue rose to GBP10.8 million from GBP9.6 million a year before. Revenue growth came from improved sales of fan coils, which offset a small decline in sales from its commercial heating range.
The company said that its Diffusion fan coil business successfully entered the high-end residential sector, and also supplied fan coils into several commercial developments including the Shard, Cheesegrater and Walkie-Talkie buildings in London.
Energy Technique proposed a final dividend of 2.25 pence, taking its total dividend for the year to 3.75p, a 36% increase on the 2.75 pence it paid in the previous year.
The company opted to put itself up for sale in February, appointing Cavendish Corporate Finance LLP as its advisor. It said further announcements about the progress of this sale will be made "in due course".
Trading in its current year has started well, the company said, with sales in April and May in line with its expectations.
Shares in Energy Technique are trading up 5.4% at 324.00 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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