News Column

Energy Technique Shares Up 30% On Strong First Quarter

July 24, 2014

Hana Stewart-Smith

LONDON (Alliance News) - Shares in Energy Technique PLC were trading up 30% Thursday after it said it had seen pretax profit jump as sales rose 29% in its first quarter to end-June, ahead of its expectations.

The fan coil and heating products manufacturer said pretax profit had risen to GBP252,000 in the quarter from GBP86,000, as sales rose to GBP2.8 million, up from GBP2.1 million in the previous year.

The company said that the increased sales were generated by the largest product in its diffusion business, fan coils, boosted by improved market conditions. Sales of its smaller commercial heating product group fell marginally, which it said was consistent with continued weaker demand from UK retail customers.

It said it had made a number of changes to its commercial heating business, but it has not yet seen the benefits of these changes.

Energy Technique said that it expects fan coils to be the main sales driver for the remainder of the year. It is exploring franchising opportunities in overseas territories. The UK fan coil market is expected to become more buoyant over the next nine to twelve months, it said.

"Diffusion is enjoying high levels of fan coil enquiries and the Board believes the results for the first quarter have laid the foundations for another successful year ending 31 March 2015," the company said in statement.

Shares in Energy Technique were trading up 30% at 305.00 pence Thursday afternoon.

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Source: Alliance News

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