Energy Tech. Share Discussion Threads

[battlebus2] 03/2/2014 07:08

Excellent update..


TRADING UPDATE FOR NINE MONTHS ENDED 31 DECEMBER 2013

The Board is pleased to announce its unaudited trading results for the nine months ended 31 December 2013. Group profit before tax was ahead of Management's expectations at GBP414,000, representing 387% growth over the corresponding 9 months, with operating profit for Diffusion, the Company's trading business, increasing by 155% to GBP605,000:


Period ended: 31 Dec 2013 31 Dec 2012 31 March 2013
9 months 9 months Year
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
------------------- ------------ ------------ --------------
Sales 7,039 5,390 7,550

Operating profit:
------------------- ------------ ------------ --------------
Diffusion 605 237 406
Central costs (146) (115) (164)
------------------- ------------ ------------ --------------
459 122 242
Finance costs (45) (37) (42)
------------------- ------------ ------------ --------------
Profit before tax 414 85 200
Income tax charge (86) (18) (39)
------------------- ------------ ------------ --------------
Profit after tax 328 67 161
------------------- ------------ ------------ --------------

Diffusion achieved 31% sales growth in the nine months ended 31 December 2013, continuing the strong fan coil led sales growth reported in the 30 September 2013 half-year accounts. Sales in the third quarter were particularly strong at GBP2.64 million, arising from a number of large projects including high-end residential work.

Sales of the smaller commercial heating product group fell marginally, consistent with continued weaker demand from UK Retail High Street customers, but this was compensated for by increased fan coil sales. A number of changes have been made to the sales and marketing effort to promote future growth of commercial heating sales and the early signs are these are starting to show through.

Group net assets at 31 December 2013 amounted to GBP1.51 million (31 March 2013: GBP1.53 million) representing a net asset value of 58 pence per share. The net in-hand cash position at 31 December 2013 amounted to GBP615,000 (31 March 2013: GBP568,000). In the nine months ended 31 December 2013, cash of GBP300,000 was applied on share buy-backs with Elsina Limited, the then largest shareholder. In addition to an in-hand cash position, the Company also had un-drawn committed invoice discounting facilities of GBP0.75 million.

Fan coil sales are expected to be the Company's immediate growth driver. The fan coil market is now starting to show growth, borne out by the high level of enquires and large London based projects earmarked for development by the leading property owning companies. Diffusion has a class leading range of fan coils, enhanced by the new eco-friendly 270 range, and it is well placed to benefit from improving fan coil market conditions. The Board is pleased by the strong set of results for the first nine months that have laid the foundations for an expected increase in sales in excess of 20% on the prior year to over GBP9.0 million for the full year ending 31 March 2014.

[andrew97] 26/1/2014 19:09

As I see this, there will be Q3 results early Feb. They should point to a solid future with the UK benefiting from increased construction demand. The numbers I guess will point to a 0.45m year end profit this f/y. This should give eps of around 15p (assuming 2.4m shares in issue post latest buy back). For a company in growth with a good operational gearing (as seen from the response to Q1 orders)and the PG active holder with pushing 25% of the shares this should command a forward per of 15 giving £2.25. The PG holding is in for fun.

[battlebus2] 22/1/2014 20:52

Could be a 9 month trading update any week now.

[battlebus2] 22/1/2014 20:44

Yours may have had more detail though :))

[chrisis33] 22/1/2014 20:34

Beat me to it Battlebus, I was just writing a reply.

[battlebus2] 22/1/2014 20:33

It's just basically cheap and trading is improving. £2 target.

[k mon] 22/1/2014 20:32

Any specific reason for the rise &
How high can this go ??

[battlebus2] 21/1/2014 09:35

Yep i'm in :))

[sailing john] 21/1/2014 09:32

And a couple of others!
o/t Did you see that I have sorted your log in elsewhere but have changed your password to b. I was hoping you would log in and change your password so that we don't get any interlopers!
SJ

[battlebus2] 21/1/2014 08:20

S.j. this is doing your stockchallenge leading position no harm :))

[chrisis33] 20/1/2014 21:21

Yup ... moving in the right direction battlebus. This one's moved faster than I expected, but I'm not complaining.

[battlebus2] 20/1/2014 18:18

Continuing to rise to £2 imv.

[battlebus2] 14/1/2014 08:31

Back to the high of 175 if you want to buy this morning :))

[battlebus2] 13/1/2014 08:29

Paying full ask of 170 for any amount so we maybe off again after a few days consolidation.

[cyberbub] 07/1/2014 23:29

Phew - I was getting a bit fed up there!! A 4-bagger still very good, well done to people who spotted it.

[tomboyb] 07/1/2014 23:00

edit - meant share consolidation.

[tomboyb] 07/1/2014 22:59

ETQ - has been around for some time. There was a capital reorganisation and the lowest the share fell to was around the 45p mark - 20% increase in sales last interims and profitable. ( c last interims)

[jaspoland] 07/1/2014 22:58

Share consolidation 10 to 1 from memory but still a good return from approx 40p

[tomboyb] 07/1/2014 22:09

Agreed - I think this could do £2+ tomorrow IF buying continues at this pace.

[battlebus2] 07/1/2014 18:23

A very good performance today.

[sailing john] 07/1/2014 14:21

Yes - they were undervalued (particularly with the discounted buyback options) and off the radar. Now getting a little interest - perhaps tipped somewhere?

[wywcu1] 07/1/2014 14:17

I think that ETQ need to make a statement regarding the 50% recent rise in the share price Something is clearly going on IMHO.

[tomboyb] 07/1/2014 12:40

Looks like £2quid is on the cards

[wywcu1] 07/1/2014 12:39

What on earth is going on here? 4,500 shares bought and market cap goes up 11%. Are we on takeover radar?