Gas Turbine Efficiency almost quadrupled its revenues last year.
GTE supplies equipment to clean aero engines and make them more efficient. It reported a 279% increase in revenues to $17.8m in 2007. Higher admin and selling costs meant that the loss was flat at $2.9m. The cash outflow from operations was $3.2m and capitalised product development spending trebled to $2.93m. Net cash was just over $2.1m at the end of 2007. GTE raised £703,000 before expenses, at 31.5p a share at the beginning of April.
Is just seeing the benefit of the launch of newer products and there were initial contributions from two acquisitions. GTE is expanding in the Middle East, Russia and Singapore. GTE has signed long-term commercial contracts with Rolls Royce, Siemens, and Solar Turbines Incorporated.
The order book is worth $17.4m, which is similar to last year’s turnover.
The shares rose 1.5p to 33.5p, valuing the company at £19m.
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