2nd Jul 2007 07:01
Gas Turbine Efficiency PLC02 July 2007 2 July 2007 Gas Turbine Efficiency plc Trading Update Gas Turbine Efficiency plc ("GTE" or "the Group"), a leading designer andmanufacturer of advanced cleaning, performance monitoring and fluid and controlsystems for gas turbines, is pleased to provide the following trading update: Trading at GTE's key market segments has continued to be strong since theGroup's previous guidance provided on 16 April 2007. During this timeframe,fundamentals critical to the Group's long-term growth have strengthenedsignificantly. In the aviation segment, excellent progress has been made on next generationproduct design and in executing the $5m order received in December 2006 from itsexclusive aviation industry partner, Pratt & Whitney, in support of its globalservice network. In the industrial segment including power generation and oil & gas, GTE'sproducts continued to deliver solid results on machine output, efficiency andenvironmental emissions. Discussions with several major OEMs to sign long termcommercial contracts have progressed well and in some cases been expanded toinclude several new product lines. The Group also further expanded its intellectual property position throughinnovation. Patent docket submissions were up over 200%, reflecting GTE'scontinued focus on long term R&D efforts. Over half the dockets filed wereoutside of GTE's traditional technology space. In keeping with the strategyof building a strong intellectual property portfolio, a patent defense lawsuitwas launched by the Group against a former employee during the first half of2007. Since the acquisition of Control Center, LLC in March 2007 and Ares Technology,LLC in June, the combined GTE Group has significantly expanded its scope ofproducts and services. Acquisition integration efforts have exceeded managementexpectations with faster time-to-market development of new products and a higherlevel of order intake than planned earlier in the year. Overall, the Group's year to date revenues plus 2007 order backlog hasstrengthened further and is currently in excess of $13.5m compared with $10mreported earlier. As a result, the Group expects to deliver strong revenuegrowth in the first half of 2007 and is on track to achieve full year revenuesin line with market expectations. Enquiries: Gas Turbine Efficiency plcSteven Zwolinski, CEO +46 8 546 10 528 Libertas CapitalAamir Quraishi, Charles Goodfellow + 44 20 7569 9650 Corfin CommunicationsNeil Thapar, Harry Chathli +44 20 7929 8989 About GTE Gas Turbine Efficiency plc, whose shares are traded on London Stock Exchange'sAIM market (Ticker: GTE), designs, manufactures and markets advanced integratedsolutions for environmental, process and asset optimisation of gas turbinesprimarily in the aerospace, industrial and oil & gas sectors. These solutionsinclude cleaning systems, performance monitoring, fluid and control sub-systemsthat improve turbine performance and availability, fuel efficiency and partslife, resulting in increased profits for our clients and a cleaner environment.The Group sells its products to blue chip customers worldwide from operationalcentres in Europe and the USA. Certain statements made in this announcement are forward-looking statements.These forward-looking statements are not historical facts but rather are basedon the Company's current expectations, estimates and projections about itsindustry, its beliefs and assumptions. Words such as "anticipates," "expects,""intends," "plans," "believes," "seeks," "estimates," and similar expressionsare intended to identify forward-looking statements. These statements are notguarantees of future performance and are subject to known and unknown risks,uncertainties and other factors, some of which are beyond the Company's control,are difficult to predict and could cause actual results to differ materiallyfrom those expressed or forecasted in the forward-looking statements. Thesefactors include, amongst others; technology risks, including dependence on coretechnology; fluctuations in results; dependence on new product development;rapid technological and market change; reliance on sales by others; managementof growth; dependence on key personnel; rapid expansion; financial riskmanagement; and future growth subject to risks. GTE cautions shareholders notto place undue reliance on these forward-looking statements, which reflect theview of GTE only as of the date of this announcement. The forward-lookingstatements made in this announcement relate only to events as of the date onwhich the statements are made. GTE will not undertake any obligation to releasepublicly any revisions or updates to these forward-looking statements to reflectevents, circumstances or unanticipated events occurring after the date of thisannouncement except as required by law or by any appropriate regulatoryauthority. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Gran Tierra