Energy Technique PLC Trading Statement (9220L)
August 19 2013 - 2:00AM
UK Regulatory
TIDMETQ
RNS Number : 9220L
Energy Technique PLC
19 August 2013
ENERGY TECHNIQUE PLC
("The Company")
TRADING UPDATE FOR THE QUARTER ENDED 30 JUNE 2013
The Board is pleased to continue its recent practice of
releasing each quarter's unaudited trading results, so as to keep
shareholders and other stakeholders updated with the Company's
progress in current property market conditions.
The Company has traded above management's expectations for the
first quarter ended 30 June 2013 and the Board is pleased to
announce a 207 per cent growth in Group profit before tax, compared
with the corresponding quarter:
Period ended: 30 June 2013 30 June 2012 31 March 2013
3 months 3 months Year
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
------------------- ------------- ------------- --------------
Sales 2,143 1,811 7,550
Operating profit:
------------------- ------------- ------------- --------------
Diffusion 144 78 406
Central costs (44) (38) (164)
------------------- ------------- ------------- --------------
100 40 242
Finance costs (14) (12) (42)
------------------- ------------- ------------- --------------
Profit before tax 86 28 200
Income tax charge (11) (6) (39)
------------------- ------------- ------------- --------------
Profit after tax 75 22 161
------------------- ------------- ------------- --------------
Sales grew by 18 per cent in the quarter ended 30 June 2013, due
to strong growth in fan coil sales. During the quarter, fan coils
were delivered to over 75 projects including large developments at
71 Queen Victoria Street; 3-10 Finsbury Square; 3 Merchant Square;
and Tideway. This growth in sales is attributed to a number of
sales and marketing initiatives introduced in the year ended 31
March 2013. In July 2013, Diffusion was very pleased to be awarded
a project valued at over GBP1.0 million to supply fan coils in this
financial year to a high-end residential project of DeVere.
Group net assets at 30 June 2013 amounted to GBP1.40 million (31
March 2013: GBP1.53 million) representing a net asset value of 48.8
pence per share. The net in-hand cash position at 30 June 2013
amounted to GBP212,000 (31 March 2013: GBP590,000). The reduction
in net cash during the quarter ended 30 June 2013 arose from a
combination of share buy-backs from Elsina Limited of GBP200,000,
together with a short term increase in working capital. The Company
had adequate headroom on its invoice financing facilities of
GBP657,000 at 30 June 2013.
As stated in the 31 March 2013 Report and Accounts issued on 21
June 2013, enquiry levels for quality projects remain encouraging,
with the order book growing recently from winning the DeVere
high-end residential development. The Board has high expectations
for its new eco-friendly 270 range of fan coils launched in April
2013, where initial sales have been very encouraging and the Board
is confident the results for the first quarter represent the
foundations for achieving another year of successful growth.
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 heating and ventilation industry
("HVAC"), the Company's operating subsidiary Diffusion is one of
the oldest and most established manufacturers of HVAC products in
the UK. Diffusion is a market leader in the manufacture of premium
quality fan coils and commercial heating products. Diffusion and
Energy Technique are brand names recognised as highly engineered,
quality products providing leading edge performance and energy
efficiency.
Diffusion's products are installed into hotels, commercial
offices, retail outlets, schools, hospitals, and more recently
high-end residential. Diffusion has excellent relationships with
many blue chip clients including Land Securities, Marks &
Spencer, Boots, City Inn Hotels, and Stanhope Properties. All
products are designed, developed and manufactured at Diffusion's
30,000 sq. ft. manufacturing facility in West Molesey, Surrey,
offering premium quality 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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