Turbo Power Systems warns of challenging Q4 impacting FY results

31st Oct 2016 12:36

(ShareCast News) - Turbo Power Systems has warned of a challenging fourth quarter impacting on its full-year results as it booked a 50% slide in third-quarter net profit to £0.02m.Revenue for the quarter ended 30 September totalled £3.58m, up 10% on the year. The company's strategic review remained ongoing."The profitable results achieved in the first nine months of 2016 are a creditable achievement, not least because of the impact of the uncertainties about the ultimate outcome of the Strategic Review," said chief executive Carlos Neves."The increasing order intake in the first nine months on 2016 is also encouraging. Due to the company's global presence, the company has US Dollar revenue streams that have had a positive impact on the results," he said in a statement."However, recent changes in customer delivery schedules for fourth-quarter 2016 that are beyond our control are expected to adversely impact the company's results for the current year as a whole."Nevertheless, our rising order book and ongoing enquiries give us confidence in the outlook for 2017."At 12:41 GMT, shares in AIM-quoted Turbo Power Systems were down 28.57% to 0.12p each.