News blog
Turbotec Products
- BY: Andrew Hore |
- POSTED: 23/03/2009 |
Delayed orders and higher legal costs meant that profits will be below expectations at Turbotec Products.
Shares in Turbotec slumped 14p to 28.5p each, which is valued at £3.65m.
The US-based manufacturer of high efficiency heat transfer tubing and heat exchangers says that falling metals prices will also affect revenues. The cost of the new factory at Hickory, North Carolina will be higher than expected.
The dispute with majority shareholder Thermodynetics Inc rumbles on. Thermodynetics has asked for more time to prepare its case, which relates to whether or not it is entitled to the first dividend paid by Turbotec, or whether that was covered in a previous management fee. This means that the case will not start in March 2009 and the new date will be in December 2009. This means that there will be additional costs.
Net cash was $1m at the end of 2008.
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