Last checked at 9 Jun 2009 07:00
09 June 2009
GTE AGM STATEMENT
GTE plc, a leading provider of proprietary cleantech systems for enhancing the performance of aviation and industrial gas turbines, will be holding its Annual General Meeting later today.
John Bryant, Chairman, will provide the following update at the AGM:
Trading for the first five months of 2009 has continued to be robust in all product areas and is in line with the Board's expectations. Revenues and order backlog are up to $30.4m. Order intake and inquiries remain very healthy, confirming the company's value proposition. Based on current order intake the Board remains confident but is mindful of the global economic and liquidity pressures facing many of our customers; in line with this, the company has redoubled efforts to communicate the positive economic and environmental benefits of GTE solutions.
GTE has enjoyed rapid growth since its admission to AIM, expanding its product and service offering and geographical reach. The group recently completed a successful placing, raising approximately £7.0 million before expenses from existing and new shareholders. The placing was undertaken to raise funds to underpin and accelerate GTE's further growth in technology, extend its geographical scope and to broaden its commercial activities, which will benefit all shareholders.
The increasingly global scale of GTE's activities requires additional Board level involvement to assist the growth of the company on numerous fronts. Given my existing range of commitments, it seems appropriate that the Board is now further strengthened, initially by the appointment of a new Chairman with significant international experience, who can help guide the company as it expands further. The board of GTE is in the early stages of a formal search process and I intend to step down from Chairman once an appropriate appointment has been made.
For further information, please contact:
Gas Turbine Efficiency plcSteven Zwolinski, CEO +46 (0)8 546 10 528
www.gtefficiency.com
Collins Stewart Europe Limited
Hugh Field / Bruce Garrow
+44 (0) 20 7523 8350
Mirabaud Securities LLPPeter Krens +44 (0) 20 7878 3360
Financial DynamicsJon Simmons / Sophie Moate +44 (0) 20 7831 3113