GTT revenue up 20 pct

GTT announced its first half financial results for 2014 boosting a revenues growth of 20% and a net income increase of 18%.

Philippe Berterottiere, Chairman and Chief Executive Officer of GTT, commented: “GTT reported an excellent first half 2014 with a strong order intake, which offers an extended revenue visibility through 2019 compared to the 2017 horizon reported at the end of March 2014. During the first half, we announced significant evolutions for the Group with the launch of new technologies to reduce the boil-off rate of LNG cargo: NO 96 Max (an upgrade of the NO 96 design) and the availability of the Mark V system for LNGCs (Liquefied Natural Gas Carriers). The service portfolio continued to grow with the launch of SloShield™, an innovative real-time tool to monitor sloshing (liquid movements) in vessel tanks to improve LNGCs’ operating efficiency. Furthermore, our new UK subsidiary, GTT Training began its activity.”

During the first half, revenues grew 20% over the same period last year and net income increased by €8.8 million (+18%), for a net margin of 51%. For the year 2014, the company confirmed the targets: revenue of at least €223 million and a net margin of c. 50%.

Revenues grew from €95,687 thousand at June 30, 2013 to €114,947 thousand at June 30, 2014, representing a growth of 20% for the period. This increase is linked directly to the growth in revenues related to royalties which increased by 19% and to revenues related to other services which increased by 39%.

Press Release, July 25, 2014; Image: GTT