Orlando, Florida (Vocus) April 20, 2010
Gas Turbine Efficiency plc (AIM:GTE), a leading provider of advanced systems to enhance the performance of industrial and aviation turbines , is pleased to report revenue for Q1 2010 of $9.8m, up 32% over Q1 2009 ($7.4m), within the range indicated on 24 March 2010.
These results reflect a strong performance in Energy Services Aftermarket, up 273% at $4.2m, and Aviation, up 85% at $1.6m. In general, the energy market is showing signs of recovery; GTE’s commercial activity is up across all sectors, with customers purchasing services and products which help them to increase operational efficiency and conserve cash.
GTE has appointed Richard Carter-Ferris as interim Chief Financial Officer, pending the appointment of a permanent replacement for Kevin Dotts. Prior to joining GTE in January as Group Financial Controller, Richard was Finance Director for National Express East Coast. He also previously spent ten years at General Electric, where he was Global Controller of the GE Plastics Division. The search for a permanent CFO has reached an advanced stage and the company will make an announcement in due course.
The company also announces that it is currently in advanced discussions with a number of strategic investors and that it has decided to delay publication of its full year 2009 results until discussions have been concluded. The results, which were to be announced on 23rd April 2010, are expected to be in line with the board’s expectations.
Gas Turbine Efficiency designs, manufactures and supplies proprietary cleantech energy saving and performance enhancing solutions to the power generation, oil and gas, and aviation industries. The company’s extensive portfolio of patented cleantech solutions save fuel, reduce emissions, increase availability, and extend turbine and parts life. The Group also provides solutions for burning a wider variety and quality of fuels such as liquefied natural gas, clean coal, and alternative fuel blends. Products and services developed by our world-class technology team include: compressor cleaning and power augmentation systems; fuels management systems; combustion design, repair, upgrade and monitoring; fluid and control auxiliaries; and outage management services.
GTE has been featured in several prominent power generation publications and conferences generating interest and additional proposals for new sales. In February 2010, GTE was featured at the 501F Gas Turbine Users Group Annual Conference in Orlando, Fl. There, Louisiana based power producer Cleco Evangeline presented a case study on GTE’s compressor water wash systems as an optimal solution for operational improvements. The data presented demonstrated an average percent power benefit of 1.18% and average increase in energy efficiency of 0.42%, which translate to a rapid return on investment.
A case study on the compressor water wash system is available for download from GTE’s website at http://www.gtefficiency.com/case_studies.asp.
For more information about Gas Turbine Efficiency plc and its products and services, please visit http://www.gtefficiency.com.
Gas Turbine Efficiency plc
Steven Zwolinski, Chief Executive Officer, +46 8546 10 528
Megan Thomas, Director of Marketing and Communications, +1 407 304 5236
Matrix Corporate Capital LLP
Louis Castro / Nick Ellis, +44 20 3206 7365
Jon Simmons / Susanne Yule, +44 20 7269 7291