10th Jun 2008 10:47
10 June 2008
Gas Turbine Efficiency plc
("GTE" or "the Group")
GTE reports strong trading at AGM
Gas Turbine Efficiency plc, a leading provider of performance enhancing and cleantech solutions for the aviation, power generation and oil and gas industries will release the following trading update at its Annual General Meeting today:
"GTE continues to experience robust demand across all product categories as it benefits from rising fuel prices, stricter environmental regulations, increasing use of alternative fuels, as well as its strategic agreements with five leading global turbine Original Equipment Manufacturers (OEMs).
These factors, together with initiatives taken by GTE's management over the past year, have enabled the Group to target the $10bn global energy services aftermarket with increasing success.
New order inflow since the last trading update on 8 April 2008 has remained strong. As a result, the current order backlog for 2008 has increased by 86% to $23.4m compared with a year ago and is 35% higher than in April 2008.
The strengthening order book reflects a continued ramp-up in demand for GTE's range of solutions from industrial turbine operators in the power generation and oil & gas industries, as well as increasing traction with global OEMs.
The Group is also seeing solid demand in the aviation sector for its advanced on-wing wash systems from civilian and military aircraft operators, who face soaring fuel costs and pressure to reduce carbon emissions.
In addition, the Group has achieved rapid growth in its advanced fuel and combustion services business, which was launched in January 2008. This unit provides a range of specialised solutions enabling operators to more effectively utilise a wider variety and quality of fuels such as liquefied natural gas, clean coal, and alternative fuel blends to improve operational efficiency and emissions.
Trading conditions in the second half of 2008 are expected to remain favourable and with excellent forward visibility provided by a solid order backlog, the Group remains on track to deliver another year of strong growth. As a result, the Board looks forward to the future with great confidence."
Enquiries:
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Gas Turbine Efficiency plc |
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Steven Zwolinski, CEO |
+46 8 546 10 528 |
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Libertas Capital |
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Aamir Quraishi, Anthony Rowland |
+44 20 7569 9650 |
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Corfin Communications |
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Neil Thapar, Harry Chathli, Alexis Gore |
+44 20 7977 0020 |
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