Turbo Power Systems Inc. TPSSF

3rd quarter financial results

[Phonse47]

Today 08:25Carlos Neves, Chief Executive Officer, said:"The continuous focus on improving terms with customers and on winning contracts with better margins is shown in these results. Coupled with the benefits from our cost reduction programme, we have reduced the Company's net loss in the quarter by 87% and year to date by 75%.We will continue to focus on reducing our cost base and look for further operational efficiencies, and this is now becoming part of the mind-set of our organisation. We will also continue to concentrate on increasing our order intake in line with the first three quarters of this year. The order intake year to date stands at £14.6 million, a significant improvement over 2012 of £3.82 million, driven by continuous production orders from our major customers. We will intensify our efforts on bringing new projects and on enlarging our customer base by winning contracts in markets where TPS's expertise provides the opportunity for attractive margins."