GTE profits increase

News

Gas Turbine Efficiency, a provider of cleantech systems for industrial and aviation turbines, has reported a 25 per cent increase in revenue for the first half of the year.

Gas Turbine Efficiency (GTE), a provider of cleantech systems for industrial and aviation turbines, has reported a 25 per cent increase in revenue for the first half of the year.

The London-based group said that overall revenue had increased from $14.7m (£9.1m) in the first half of 2008 to $18.4m, boosted by a 29 per cent increase in revenue from its Energy Services division.

Overall, gross profit rose by 40 per cent compared to a 44 per cent rise in the first half of 2008. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased to $0.7m from $0.5m a year earlier and order backlog was 11 per cent up on the first half of last year.

The Aviation division, where GTE is the exclusive supplier of engine wash systems to Pratt & Whitney, increased its revenue by 15 per cent to $3.9m. However, the group said that the global recession was having a greater impact on expenditure in the division than previously expected.

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