News blog
Turbotec Products
- BY: Andrew Hore |
- POSTED: 11/11/2009 |
Turbotec Products says that first half profits will be lower than expected.
The heat exchangers and heat transfer tubing manufacturer says that revenues were $9.7m in the six months to September 2009, down from $14.9m in the first half of 2008-09. Turbotec had already reported first quarter revenues of $4.9m so the second quarter generated $4.8m. Management hopes this reflects the bottoming out of the market.
Legal costs for the dispute with the company’s major shareholder have hit interim profits which are projected to fall from $1.54m to $920,000.
The share price fell 4p to 25.5p, which values Turbotec at £3.27m.
The interim figures will be published on 13 November.
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