GTT on track to meet yearly target

France’s specialist in the design of LNG containment systems GTT has posted a strong order book comprising 128 units worth a total of EUR 800 million (USD 874 million) in revenues out to 2020.

During the first half of 2015, the company secured 31 new orders, recording revenues of EUR 105 million.

Revenue from operating activities came out at 104.9 million euros in the six months to June 30, 2015, as against 114.9 million euros in the six months to June 30, 2014, a drop of 8.7% over the half-year.

The fall-off has been attributed to a 12.5% decline in revenue from royalties which can be explained by a high comparison base and time lag in shipbuilding milestones.

Earnings reached 66.0 million euros in the first half of 2015, down 9.4% on the year-earlier period.

 “With an intake of 31 orders during the first half of 2015, we are pleased with the level of activity achieved in the first part of the year in a contrasted environment. Our order book is currently worth some 800 million euros in revenues out to 2020, giving GTT increased revenue visibility for the years ahead, “ said Philippe Berterottière, Chairman and Chief Executive Officer of GTT.

The highlights from the first half include order placed for first LNG bunker barge for the North American market, along with two FRSUs on order and cooperation agreements on industrialisation of Mark V system.

“The two cooperation agreements signed in the first half with two leading shipyards mark an important milestone in the industrialisation of our new Mark V technology and illustrate the momentum and validity of our innovation policy. The fall-off in first-half revenues can be put down to a high comparison base and time lag in shipbuilding milestones, and does not call our targets for the current financial year into question, i.e., a revenue level close to last year’s and a net margin of around 50%,” added Berterottière.