AGM Statement

RNS Number : 5699T

Gas Turbine Efficiency PLC

09 June 2009

 



09 June 2009

GTE AGM STATEMENT

GTE plc, a leading provider of proprietary cleantech systems for enhancing the performance of aviation and industrial gas turbines, will be holding its Annual General Meeting later today.  

John Bryant, Chairman, will provide the following update at the AGM: 

Trading for the first five months of 2009 has continued to be robust in all product areas and is in line with the Board's expectations.  Revenues and order backlog are up to $30.4m.   Order intake and inquiries remain very healthy, confirming the company's value proposition.   Based on current order intake the Board remains confident but is mindful of the global economic and liquidity pressures facing many of our customers; in line with this, the company has redoubled efforts to communicate the positive economic and environmental benefits of GTE solutions.

GTE has enjoyed rapid growth since its admission to AIM, expanding its product and service offering and geographical reach. The group recently completed a successful placing, raising approximately £7.0 million before expenses from existing and new shareholders. The placing was undertaken to raise funds to underpin and accelerate GTE's further growth in technology, extend its geographical scope and to broaden its commercial activities, which will benefit all shareholders.

The increasingly global scale of GTE's activities requires additional Board level involvement to assist the growth of the company on numerous fronts. Given my existing range of commitments, it seems appropriate that the Board is now further strengthened, initially by the appointment of a new Chairman with significant international experience, who can help guide the company as it expands further. The board of GTE is in the early stages of a formal search process and I intend to step down from Chairman once an appropriate appointment has been made.

For further information, please contact:

Gas Turbine Efficiency plc
Steven Zwolinski, CEO
[phone]

www.gtefficiency.com 

Collins Stewart Europe Limited

Hugh Field / Bruce Garrow

[phone]

Mirabaud Securities LLP
Peter Krens
[phone]

Financial Dynamics
Jon Simmons / Sophie Moate
[phone]

 

END

 

 

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