ETQ.L Share News (ETQ)

LONDON (Alliance News) - Energy Technique PLC shares were higher in early trade on Monday after the company said its pretax profit more than doubled in the first half, boosted by a strong performance from its Diffusion Group fan coils manufacturing arm, leading the company to double its interim dividend payment.

Shares in the company were up 6.9% to 350.00 pence on Monday, among the best performers in the AIM All-Share, after it said pretax profit for the group more than doubled year-on-year in the half-year to the end of September to GBP459,000.

That was pushed higher by a near-doubling of profit for the Diffusion business to GBP630,000.

The group numbers were held back, though, by a rise in distribution and administrative expenses in the period. Distribution costs rose to GBP927,000 from GBP781,000, while administrative expenses rose to GBP340,000 from GBP245,000.

Sales in the first half rose 24% to GBP5.4 million, it said, with Diffusion given a boost by an improvement in the UK fan coil market.

The company doubled its interim dividend on the news, up to 1.50 pence per share from 0.75 pence the year before.

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

Copyright 2014 Alliance News Limited. All Rights Reserved.