Companies: GTE   

Sweden-based GTE, which makes advanced systems to enhance the performance of aviation and industrial turbines, boasts a ‘robust order backlog’ for 2008, up 36 per cent to nearly £4 million, as the AIM-quoted company cashes in on increased demand around the world for ways of reducing fuel costs, carbon emissions and ‘equipment downtime’. Chief executive officer Steven Zwolinski says GTE has expanded by organic growth and acquisitions to broaden its product range from compressor cleaning systems to include fuel systems and metering, combustion design, modelling and repairs, aftermarket parts and compressor power augmentation.

The company negotiated several long-term contracts during the year, including a five-year deal with Caterpillar Inc.’s Solar Turbines and three-year extensions of contracts with Siemens and Rolls Royce. GTE’s industrial revenues rose six-fold in 2007 to £6.4 million while aviation revenues doubled to £2.6 million, helped by 2006’s exclusive partnership agreement with Pratt & Whitney, the US aircraft engine maker.

After losing £1.5 million in 2006 on £2.4 million turnover and turning in a reduced £425,000 loss in the first half of 2007 on turnover up more than fourfold to £4.75 million, GTE could show a reduced full-year loss of around £1 million for all 2007, analysts expect, with a move into the black on the cards this year.

Floated at 30p in 2005, GTE shares hit 65.5p last March before easing back. Now 45.5p, up 10p this morning, the company is valued at £25.75 million and could fare better many AIM counterparts.

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Gas Turbine Efficiency	AIM	£13.21m	18.25p	1.75p
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Other company articles:
New orders cheer GTE			03/03/2008
Expansion pays off at GTE			23/01/2008
Newcomer - Gas Turbine Efficiency			21/12/2005