News blog
Turbotec
- BY: Andrew Hore |
- POSTED: 06/11/2007 |
Turbotec had a bumper first half thanks to US investment in the refurbishment of boilers in schools and public offices.
Turbotect can twist metal tubing so that it can make more efficient heat exchangers and flexible connectors for use in boilers and swimming pool pumps. The latter is a much weaker market but Turbotec is gaining market share and added the top two manufacturers in the US to its customer base. It is also developing products that use the waste heat from air conditioning to heat water. These are likely to become significant revenue generators over the longer-term.
Turnover rose 25% to $14.5m and gross margins moved up to 26% in the six months to July 2007. Pre-tax profits nearly doubled to $1.48m. Analysts are cautious about full year profits because of the state of the US economy. Profits of just short of $3m are forecast for the year to March 2008, giving earnings per share of 15c (7.2p). At 83.5p, that equated to a prospective multiple of less than 12 times.
Turbotec’s interim dividend is 2.3c (1.1p) a share. It is expected to pay three dividends this year totaling more than 3p a share.
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