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Turbotec

  • BY: Andrew Hore |
  • POSTED: 04/07/2007 |

Turbotec’s maiden full year figures were ahead of expectations and the US-based heat exchanger tubing and components manufacturer is paying its first ever dividend. 

Revenues grew by 25% to $23.5m in the year to March 2007. Pre-tax profits increased from $1.56m to $1.88m. This was achieved even though the business was hit by volatile metals prices. This did mean that gross margins fell but metal price increases are now being passed on to customers so margins are improving. Turbotec is paying management fees to its majority shareholder but if the dividend paid exceeds the management charge for two consecutive years then it won’t be a factor any more.
The final dividend is 5.8c a share. Next year Turbotec intends to pay an interim and a final dividend.

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