Turbo Power Systems Inc Pre-close Trading Update (2194L)
08 Janeiro 2016 - 5:00AM
UK Regulatory
TIDMTPS
RNS Number : 2194L
Turbo Power Systems Inc
08 January 2016
Turbo Power Systems Inc. ("TPS" or the "Company")
Pre-Close Trading Update,
Contract Win
&
Strategic Review Update
Turbo Power Systems Inc. (AIM: TPS.L), a leading UK based
designer and manufacturer of innovative power solutions, is pleased
to announce a Pre-Close Trading Update for the 12 months to 31
December 2015.
The Company expects to report full year revenue of approximately
GBP13.5 million (2014: GBP15.2 million), with the Company expecting
to report a substantial year on year improvement in full year
Earnings Before Interest and Tax ("EBIT"), with EBIT of
approximately break-even compared to 2014: loss GBP1.7 million. The
substantial improvement in EBIT reflects the Company's focus on
production efficiencies. TPS's investment in product development
continues in order to drive future growth. Included within these
expected results is a one off provision expense booked in the final
quarter's results of approximately GBP0.5 million for warranty
repair to a fault within motor units delivered to a customer during
2013 to 2015, affecting one single customer specific product. It is
expected that the cash impact will be mainly in the first half of
2016.
Cash at 31 December 2015 was GBP0.5 million (31 December 2014:
Net Debt GBP9.9 million).
On 12 November 2015 the Company announced that as part of
seeking to facilitate the Strategic Review, Tao Sustainable Power
Solutions (UK) Ltd ("TAO UK"), which owns 89.4% of the issued share
capital of the Company, has waived the entire outstanding loan of
GBP10.5 million and all unpaid accrued interest of GBP1.9 million.
TAO UK agreed this waiver for the potential benefit of all TPS
shareholders.
Additionally, the Company is pleased to announce that it has won
a GBP1m contract from Porterbrook, one of three major UK rolling
stock leasing companies. The scope of work, expected to be
delivered in 2016 and 2017, includes the manufacture of battery
chargers for Porterbrook's Class 170 Turbostar Diesel Multiple
Units ("Turbostar"). Currently there are more than 500 existing
Turbostars operating in various fleets across the UK including;
Abellio Greater Anglia, Abellio ScotRail, CrossCountry, First
TransPennine Express and London Midland.
The Turbostars use batteries to support both the low voltage
standby and emergency circuits. To obtain the longest life and
minimum maintenance periods for these batteries, the charging
voltage needs to be controlled within close limits. The TPS battery
chargers for Porterbrook's Turbostars will provide a stable power
supply, throughout the trains' lifetime, and feed all of the car's
low voltage loads as well as charging the back-up batteries.
The Strategic review is ongoing; as noted on 12 November 2015
the Board notes that all expressions of interest received to date
(up to 7 January 2016) as part of the Strategic Review from
potential offerors for 100% of the issued and to be issued share
capital of the Company on a debt-free, cash-free basis have been
indicatively priced at a substantial discount to the share price.
The Board continues to regularly discuss with its majority owner
how best to proceed with the Strategic Review.
Further announcements will be made in due course, as
appropriate. In the meantime there can be no certainty that any
potential transaction will proceed, or as to the terms of any such
transaction. The Company may discontinue the Strategic Review
process at any time.
The Company is a Canadian Business Corporation, carrying on the
business under the Business Corporation Act of Yukon, Canada and is
not subject to the provisions of the UK City Code on Takeovers and
Mergers.
The Company expects to report its results in March 2016.
For further information, please contact:
Turbo Power Systems Tel: +44 (0)191 482 9200
Carlos Neves, Chief Executive Officer
Charles Rendell, Chief Financial Officer
Kreab (financial public relations) Tel: +44 (0)20 7074 1800
Robert Speed
finnCap (NOMAD and broker) Tel: +44 (0)20 7220 0500
Ed Frisby, Emily Watts
Notes to Editors
About Turbo Power Systems
Company Website: www.turbopowersystems.com
Company Twitter: https://twitter.com/turbopowersys
Turbo Power Systems Inc. (AIM: TPS.L) is a leading UK based
designer and manufacturer of innovative power solutions. TPS's
products are all based on its core technologies of high speed
motors and generators and power electronics which are sold into a
number of market sectors including transport, industrial, energy
and defence sectors. The Company's products provide high
performance while improving efficiency and reducing process energy
consumption compared to existing technologies.
Turbo Power System's existing customers include blue chip
companies such as Bombardier Transportation, Daikin Applied and
Eaton Aerospace. Tao Sustainable Power Solutions (UK) Ltd ("TAO
UK"), which is a wholly owned subsidiary of Vale S.A., Brazil's
largest mining company, owns 89.4% of the issued share capital of
the Company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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