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Energy Technique Sales Rise On Back Of Strong Fan Coils Market

Thu, 16th Apr 2015 08:30

LONDON (Alliance News) - Fan coils and commercial heating products company Energy Technique PLC Thursday said its sales grew strongly in its recently-ended financial year, boosted by a strong performance in the fan coils business which offset some weakness in commercial heating.

Energy Technique said it expects sales to have grown by 12% to GBP10.8 million in its financial year to the end of March, from GBP9.6 million a year earlier.

The growth was driven by the performance of its fan coils business, were sales rose 18% to GBP8.8 million from GBP7.5 million, boosted by better demand in the UK and success for its Diffusion premium brand offering.

Commercial heating sales fell to GBP1.5 million from GBP1.7 million, due to weak demand in the UK.

The group said its new financial year has started well and said it expects the fan coils market to remain strong in the coming year.

Shares in Energy Technique were up 10% to 295.499 pence on Thursday, one of the best performers in the AIM All-Share index.

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