Trading Update
Gas Turbine Efficiency PLC
02 July 2007
2 July 2007
Gas Turbine Efficiency plc
Trading Update
Gas Turbine Efficiency plc ('GTE' or 'the Group'), a leading designer and
manufacturer of advanced cleaning, performance monitoring and fluid and control
systems for gas turbines, is pleased to provide the following trading update:
Trading at GTE's key market segments has continued to be strong since the
Group's previous guidance provided on 16 April 2007. During this timeframe,
fundamentals critical to the Group's long-term growth have strengthened
significantly.
In the aviation segment, excellent progress has been made on next generation
product design and in executing the $5m order received in December 2006 from its
exclusive aviation industry partner, Pratt & Whitney, in support of its global
service network.
In the industrial segment including power generation and oil & gas, GTE's
products continued to deliver solid results on machine output, efficiency and
environmental emissions. Discussions with several major OEMs to sign long term
commercial contracts have progressed well and in some cases been expanded to
include several new product lines.
The Group also further expanded its intellectual property position through
innovation. Patent docket submissions were up over 200%, reflecting GTE's
continued focus on long term R&D efforts. Over half the dockets filed were
outside of GTE's traditional technology space. In keeping with the strategy
of building a strong intellectual property portfolio, a patent defense lawsuit
was launched by the Group against a former employee during the first half of
2007.
Since the acquisition of Control Center, LLC in March 2007 and Ares Technology,
LLC in June, the combined GTE Group has significantly expanded its scope of
products and services. Acquisition integration efforts have exceeded management
expectations with faster time-to-market development of new products and a higher
level of order intake than planned earlier in the year.
Overall, the Group's year to date revenues plus 2007 order backlog has
strengthened further and is currently in excess of $13.5m compared with $10m
reported earlier. As a result, the Group expects to deliver strong revenue
growth in the first half of 2007 and is on track to achieve full year revenues
in line with market expectations.
Enquiries:
Gas Turbine Efficiency plc
Steven Zwolinski, CEO +46 8 546 10 528
Libertas Capital
Aamir Quraishi, Charles Goodfellow + 44 20 7569 9650
Corfin Communications
Neil Thapar, Harry Chathli +44 20 7929 8989
About GTE
Gas Turbine Efficiency plc, whose shares are traded on London Stock Exchange's
AIM market (Ticker: GTE), designs, manufactures and markets advanced integrated
solutions for environmental, process and asset optimisation of gas turbines
primarily in the aerospace, industrial and oil & gas sectors. These solutions
include cleaning systems, performance monitoring, fluid and control sub-systems
that improve turbine performance and availability, fuel efficiency and parts
life, resulting in increased profits for our clients and a cleaner environment.
The Group sells its products to blue chip customers worldwide from operational
centres in Europe and the USA.
Certain statements made in this announcement are forward-looking statements.
These forward-looking statements are not historical facts but rather are based
on the Company's current expectations, estimates and projections about its
industry, its beliefs and assumptions. Words such as 'anticipates,' 'expects,'
'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions
are intended to identify forward-looking statements. These statements are not
guarantees of future performance and are subject to known and unknown risks,
uncertainties and other factors, some of which are beyond the Company's control,
are difficult to predict and could cause actual results to differ materially
from those expressed or forecasted in the forward-looking statements. These
factors include, amongst others; technology risks, including dependence on core
technology; fluctuations in results; dependence on new product development;
rapid technological and market change; reliance on sales by others; management
of growth; dependence on key personnel; rapid expansion; financial risk
management; and future growth subject to risks. GTE cautions shareholders not
to place undue reliance on these forward-looking statements, which reflect the
view of GTE only as of the date of this announcement. The forward-looking
statements made in this announcement relate only to events as of the date on
which the statements are made. GTE will not undertake any obligation to release
publicly any revisions or updates to these forward-looking statements to reflect
events, circumstances or unanticipated events occurring after the date of this
announcement except as required by law or by any appropriate regulatory
authority.
This information is provided by RNS
The company news service from the London Stock Exchange