Gas Turbine Efficiency PLC
03 March 2008
3 March 2008
Gas Turbine Efficiency plc
('GTE' or 'the Group')
GTE wins $6.3m in new contracts, boosting total order book by 66% to $14m
Gas Turbine Efficiency plc, a leading provider of advanced systems to enhance
the performance of aviation and industrial turbines, is pleased to announce that
it has continued to experience robust trading and strong momentum in demand
across all product categories since its last trading update provided on 23
January 2008.
The Group has won a total $6.3m in new orders in the aviation and industrial
segments as the soaring cost of fuel and increasing global pressure to reduce
carbon emissions prompt turbine operators and Original Equipment Manufacturers
to adopt value-added solutions such as those provided by GTE.
As a result, the Group's current total order backlog for 2008 has increased to
$14m, representing a 66% increase compared with the same time last year (2007:
$8.4m) and an 82% increase on the $7.7m backlog reported on 23 January 2008.
Aviation Segment
The new orders referred to above include contracts of $3m from Pratt & Whitney,
GTE's exclusive long term global partner in the aviation sector. Underlying
demand drivers in this segment have continued to strengthen as an increasing
number of aircraft operators focus on achieving significant fuel efficiencies
and environmental benefits. These systems can reduce fuel burn by as much as 1
percent and increase exhaust gas temperature margin by as much as 15 degrees C.
According to Pratt & Whitney, Singapore Airlines is expected to save close to
$15m in fuel costs and reduce CO2 emissions by 128 million pounds by using Pratt
& Whitney Global Services' EcoPower(R) wash services for its entire aircraft
fleet.
Industrial Segment
Demand for GTE's solutions has also continued to increase rapidly in the
industrial segment, resulting in a 176% increase in orders to $8.1m in this
segment compared with the same time last year. The strong growth is due to a
high level of investment by power generation, oil and gas and infrastructure
providers in new technology that reduces turbine downtime while boosting fuel
efficiency and flexibility to burn a wider variety and quality of fuels. New
orders won in the industrial segment include a $0.8m contract from a leading
electricity generator in Kuwait. This is the largest single order won by GTE in
the Middle East and exceeds GTE's total sales in the region in the past three
years.
The strengthening order book provides excellent visibility to GTE's prospects
for 2008 and reinforces its strategy to align with the critical long term
industry growth drivers including:
•Increased energy demand and need for infrastructure solutions
•Rising fuel costs and need for efficiency solutions
•Strengthening environmental regulatory frameworks
•Fuel diversity challenges as industry moves toward alternate fuel sources.
Steven Zwolinski, chief executive of GTE, commented: 'The strong foundational
growth initiatives implemented by the Group over the past two years are
beginning to yield results in the global $8-10bn energy services marketplace. We
have continued to maintain strong momentum of trading by further strengthening
the order book and we look forward to the future with great confidence.'
Enquiries:
Gas Turbine Efficiency plc
Steven Zwolinski, CEO +46 8 546 10 528
Libertas Capital
Aamir Quraishi, Matthew Hindhaugh +44 20 7569 9650
Corfin Communications
Neil Thapar, Harry Chathli, Alexis Gore +44 20 7977 0020
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 optimization of gas turbines
primarily in the aviation, industrial and oil & gas sectors. These solutions
include compressor cleaning systems, performance monitoring, fuels management,
OEM approved combustion design and repair services and fluid and control
sub-systems that improve turbine performance and availability, fuel efficiency
and parts life, resulting in increased profits for its clients and a cleaner
environment. The Group sells its products to blue chip customers worldwide from
operational centres in Europe and the USA.
This information is provided by RNS
The company news service from the London Stock Exchange
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