ETQ.L Share News (ETQ)

LONDON (Alliance News) - Energy Technique PLC on Monday reported its pretax profit rose in the first nine months on the back of a rise in sales, boosted by an improving UK fan coils market and by a solid performance in its commercial heating business.

The company said its pretax profit for the nine months to December 31 was GBP582,000, up from GBP414,000 for the same period a year earlier. Sales for the group rose to GBP8.1 million, up from GBP7 million a year earlier, on the back of a 19% rise in fan coils sales.

The group supplied fan coils, which provide heating and cooling, to a range of high-profile projects during the nine months, including to the Shard, Cheesegrater and Walkie Talkie buildings in London.

The company said it is pushing forward with granting franchise deals in other countries and has signed a deal with Unico Inc in the US which will see the fan coils of its Diffusion business distributed in the US, Canadian and Caribbean markets. It is also holding talks with a potential distributor for the Middle East market.

The group expects its full-year sales will be around 10% higher year-on-year and expects fan coils to continue to drive growth in the final quarter of its financial year.

Energy Technique shares were up 6.3% to 417.25 pence on Monday.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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