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Press Release |
16 March 2011 |
Turbotec Products Plc
("Turbotec" or "the Company")
Trading Update
Turbotec Products Plc (TRBO.L), the designer and manufacturer of high performance, high quality heat exchangers and Tru-Twist® heat transfer tubing, today announces the following trading update in advance of its year ending 31 March 2011.
The Company expects results for the year to 31 March 2011 to be slightly ahead of market expectations. In the past five months, the Company has seen growth in unit sales volumes as well as increased selling prices arising from higher raw material costs, which have been passed on to customers in line with agreed contracts.
These results have been achieved despite the costs relating to the Company's move to its new manufacturing facility in Hickory, North Carolina. Looking forward, the Company expects increased pricing pressure due to signs of growing competition in the market.
The Company also announces that Robert Lowe has been confirmed as Non-Executive Chairman as of 24 February 2011.
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For further information please contact:
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Turbotec Products Plc
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Rob Lowe, Non-Executive Chairman
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Tel: +44 (0) 7917 148930
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Sunil Raina, Managing Director |
Tel: +1 (860) 731 4200
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Robert Lieberman, Finance Director |
www.turbotecproducts.com |
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Evolution Securities Limited |
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Joanne Lake / Peter Steel |
Tel: +44 (0) 113 243 1619
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Media enquiries:
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Abchurch Communications |
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Sarah Hollins / Simone Elviss / Oliver Hibberd |
Tel: +44 (0)20 7398 7714 |
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