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Gas Turbine Efficiency

  • BY: Andrew Hore |
  • POSTED: 21/12/2009 |

Gas Turbine Efficiency is trading in line with expectations and existing shareholders are funding growth through a loan note issue.

GTE supplies equipment to clean aero engines and industrial gas turbines in order to make them more efficient. So far, $10m has been raised through the issue of 9.5% subordinated unsecured loan notes 2012 and a further $2m may be raised if there is sufficient interest. The first $4m of loan notes have been issued and the rest are dependent on a motion being passed by shareholders at a general meeting.

GTE raised $10.4m in May 2009 but weak cash flow since then has hampered the cash position.

Revenues in the first 11 months of 2009 are 12% ahead at $36.8m. First half revenues were 25% higher at $18.4m but trading has been tough since then. In September, GTE predicted 2009 revenue growth would be between 10% and 15%. The outcome for the full year depends on the timing of shipments of products.

Matrix has been appointed as nominated adviser and broker.

Former National Grid director John Grant will become chairman in January 2010.

At 16.5p a share, GTE is valued at £16.8m

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