Energy Technique PLC 9 Month Trading Update (2990X)
February 07 2013 - 2:00AM
UK Regulatory
TIDMETQ
RNS Number : 2990X
Energy Technique PLC
07 February 2013
ENERGY TECHNIQUE PLC
("The Company")
TRADING UPDATE FOR THE NINE MONTHS ENDED 31 DECEMBER 2012
In accordance with its current practice, the Board announces the
unaudited trading results for the nine months ended 31 December
2012. The Board is pleased to report the Company has continued to
trade profitably in the nine months ended 31 December 2012:
1. Sales for Diffusion of GBP5.39 million (2011: GBP5.16
million), representing a 5% increase over the corresponding
period;
2. Operating profit maintained for Diffusion at GBP237,000 (2011: GBP235,000);
3. Group profit before tax of GBP59,000 (2011: GBP110,000) after
charging central costs, interest and an exceptional charge of
GBP26,000 (2011: GBPNil) relating to the 2012 capital reduction and
reorganisation;
4. Dividend paid of 0.75 pence per share;
5. Group cash absorbed by operations of GBP141,000 (2011: cash generated GBP7,000);
6. Group net cash at 31 December 2012 of GBP2,000 (31 March 2012 GBP237,000);
7. Group net assets at 31 December 2012 of GBP1.44m (31 March
2012: GBP1.41m) equivalent to 43.3 pence per share.
The trading results for the nine months ended 31 December 2012
absorb the seasonal trading losses ordinarily incurred in the short
trading month of December. The 5% growth in Diffusion's sales was
achieved in the continuing downturn in the current UK property and
construction market.
Cash absorbed by operations in the nine months was due to a
short term increase in working capital, reversed during January
2013. Group net cash at the end of January 2013 had increased by
GBP180,000 to GBP182,000.
Order intakes for January 2013 were particularly strong,
including London based high end residential developments, and the
Board believes that trading performance for the fourth quarter will
be strong, resulting in financial performance for the full year
ending 31 March 2013 well in line with its expectations.
For further information:
Walter Goldsmith Chairman 020 8783 0033
Leigh Stimpson Managing director 020 8783 0033
Ed Frisby/Ben Thompson finnCap Limited (Nominated Adviser) 020 7220 0500
NOTES TO EDITORS
With over 50 years in the H&V industry, Energy Technique's
operating company Diffusion is one of the oldest and most
established manufactures of Heating Ventilation and Air
Conditioning products in the UK. Diffusion is a market leader in
the manufacture of premium quality fan coils and commercial heating
products. The Diffusion and Energy Technique brand names are
recognised as highly engineered, quality products, providing
leading edge performance and energy efficiency, which have been
fitted into projects including the Shard and No 1 Hyde Park.
Diffusion has been involved with many challenging and
prestigious projects across a spectrum of sectors including hotels,
commercial offices, retail, schools, hospitals, and residential.
Diffusion has established excellent working relationships with many
blue chip clients including Land Securities, Marks & Spencer,
Boots, City Inn Hotels, Stanhope Properties and many more. All
products are designed, developed and manufactured at Diffusion's
30,000 sq. ft. manufacturing facility in West Molesey, Surrey,
offering superior products, designed specifically to meet
customers' bespoke requirements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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