results outTurbo Power Systems Inc. (TPS) Announces Results for the Year and Quarter Ended 31 December 2009
Turbo Power Systems Inc. (TSX:TPS) (AIM:TPS)
Highlights
- Production and development income increased by 35% for the year at Pounds Sterling 10.5 million (2008: Pounds Sterling 7.78 million)
- Production revenues in Q4 increased by 71% to Pounds Sterling 3.2 million (2008: Pounds Sterling 1.9 million)
- EBITDA profit for 2009 of Pounds Sterling 0.2 million (2008: loss of Pounds Sterling 6.9 million)
- Net profit in Q4 of Pounds Sterling 0.2 million (2008: net loss Pounds Sterling 3.2 million)
- Cash inflow in Q4 of Pounds Sterling 0.1 million (2008: outflow of Pounds Sterling 0.2 million)
- Cash outflow for the year reduced by 87% to Pounds Sterling 0.4 million (2008: Pounds Sterling 3.2m).
Graham Thornton, Chairman, said:
"The latest financial year has seen significant progress towards making Turbo Power Systems a profitable business capable of sustaining organic growth. New orders were won in the transport and industrial markets, with customer-funded development of both electrical machines and power electronics systems. Both markets proved to be resilient in the face of a general economic downturn, and our sales grew year on year by 35% in 2009. The outlook for 2010 is positive with the prospect of further orders from McQuay and Bombardier.
The growth in our order book is clear evidence that the Company's products and technology continue to be attractive to our existing customer base, and we are seeing an increased level of interest from new customers and market segments. However, the Company's financial structure remains a matter of concern to the Board as we seek to turn a growing order book into sales. Consequently a major focus for the Company in 2010 will be to strengthen the Company's balance sheet to underpin our growth plans.