Turbo Power Systems powers back to break-even

5th May 2015 11:42

Shares in Turbo Power Systems bounced about on Tuesday as the electrical power systems provider swung back to break-even in full-year results.Revenues rose 24% to £4.08m and a minuscule profit before tax of £0.03m replaced the £1.44m loss from 2013.The AIM-listed company said new projects signed during the year, including UK Power Network, helped revenues to grow. Thanks to the new contracts, gross margin rose to 41% during the last quarter of the year.Chief executive Carlos Neves said: "The sustained recovery in the business is the result of initiatives implemented since 2012. We are all proud of what has been achieved, whilst conscious of the focus we have to maintain on our strategic objectives.Looking ahead, the group expects to secure new projects and new customers.Neves added: "The current order book and the short term opportunities reaffirm the board's confidence in our performance for the rest of the financial year."Shares initially powered down 12% to 0.33p on Tuesday at before later rising sharply to stand up 15% at 0.43p at 13:25.