Partner Article

Gateshead engineering firm Turbo Power Systems report loss

Engineering company, Turbo Power Systems have announced a net loss of £3.54 million in the first half, showing a further fall from the same time last year.

This figure comes despite a revenue increase of 60% like for like in the first 6 months of 2012.

The Gateshead-based firm designs and manufactures electronic goods such as high performance motors, generators and power electronics systems.

They also provide tailored electronic solutions for energy conversion and the industrial, transport and military markets.

In their half yearly report the company have detailed their direction for the future as they hope to chase applications with their main shareholder, TAO UK and their Brazilian parent company VSE.

Turbo Power Systems announced that they remain confident, and said: “We have seen an increasing number of systems based enquiries, and we have a firm belief that the marketplace has recognised the attributes of our technology.

“As a consequence, we believe that TPS has the potential for significant new orders in the second half of 2012.”

Carlos Neves joined the company as Chief Executive in July. He said: “Order Intake in the first half of 2012 was £2.66 million, despite the challenging markets conditions.

“TPS continues to work with its ultimate parent company VSE in negotiating contracts for the Brazilian market, and continues to pursue opportunities in energy efficiency and in the rail market in Asia. Accordingly there is the potential for significant order intake in the second half of 2012.

“During the quarter we completed a £2.0 million equity fundraising, converted the majority of our outstanding debt into equity, whilst extending the term of the balance. Together these measures will enable TPS to continue to build on the foundations for growth.”

This was posted in Bdaily's Members' News section by Miranda Dobson .