Dow Jones: Gas Turbine Efficiency Reports Maiden Full-year Pretax Pft
Gas Turbine Efficiency PLC (GTE.LN) Monday reported its first full-year pretax profit after doubling revenue, and said demand for its products and services is robust despite the ongoing recession.
The company, which sells technology for making industrial turbines and jet engines more efficient and environmentally-friendly, said 2008 revenue increased 97% to $35.1 million. It reported a pretax profit of $900,000, compared with a $2.9 million loss a year earlier.
Chief Executive Steve Zwolinski told Dow Jones Newswires that orders are still coming in despite the economic gloom, which has hit airlines hard and led many industrial companies to defer big spending plans. Orders at March 31 were worth $26.7 million, a 53% rise on the year.
Zwolinski said the company's technology is still proving attractive because it helps its customers, which include United Airlines, engine makers Pratt & Whitney and oil major BP PLC (BP.LN), to save fuel and meet ever-tougher emissions targets.
At 0948 GMT, shares in Gas Turbine Efficiency were up 1.5 pence, or 5.9%, at 27 pence, outperforming a higher Alternative Investment Market, up 0.21%.
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