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.
Steve Zwolinski, chief executive of GTE, said: ‘GTE delivered strong growth in the first half, with group revenue up 25 per cent. This growth was driven by a particularly good performance in the Energy Services division where demand for our products and services has strengthened despite the difficult economic backdrop.
‘However, in the short term, our customers’ cash constraints, particularly in the aviation sector, have caused a substantial revision to investment decisions, extended payment terms and more intense and protracted competitive evaluations.
‘Although visibility of the timing of revenue has diminished substantially in the short term, customer engagement around our current and new products has increased substantially during the period and, longer term, we are well positioned to benefit when our markets improve.’
According to the company, full-year group revenue is now expected to be approximately 10-15 per cent ahead of 2008 and full-year gross margin performance is anticipated to be in line with first-half results despite challenging market conditions.