Fall in production hits Turbo Power

13th May 2011 15:51

Turbo Power Systems (TPS) reported losses of £1.62m in the first quarter, which the company put down to a fall in production.This compared with the generator designer's £0.02m loss over the same period of 2010 but was considerably less than the £2.97m loss in the fourth quarter of last year.TPS said it had taken £11m of orders in the first three months of 2011 and had a strong pipeline of prospective orders.The firm said the rail and industrial sectors it operates in had recovered well with a good number of orders achieved in 2011 and good prospects for the remainder of this year.TPS also said it had identified specialist pockets of growth potential in the defence industry where the firm's technology could be applied. Chairman, James Pessoa, said the board's challenge for 2011 was to achieve significant progress towards making TPS a profitable business, capable of sustaining organic growth."We have seen an increasing number of system based enquiries, and contract wins," he said."We have a firm belief that the marketplace is starting to recognize the value of our technology and we have a strong pipeline of prospective orders," Pessoa added.---mm