July 25, 2019 / 5:54 PM / 24 days ago

Gas transport specialist GTT has strong first-half order book, raises guidance

(Reuters) - French gas transport systems supplier GTT raised its full-year guidance on Thursday as a push for more environmentally-friendly fuels like liquefied natural gas (LNG) helped the company post a strong first-half order intake.

The company raised its revenue guidance to a range of 260 million ($289.41 million) to 280 million euros from 255 million to 270 million euros previously.

GTT said its order book at the end of June corresponded to revenues of 713 million euros over the 2019-2022 period in its core business, which excludes LNG vessel propulsion systems and related services.

The order book at the end of June had increased 27.4% year-on-year to 107 units. GTT said in its half-year report that “almost all” of its customers come from Asia, the world’s top LNG consumer.

“The Group has good visibility on its royalty revenues from now to 2022 thanks in particular to a full order book for its core business as at end-June 2019” said GTT in a statement.

First-half revenues fell to 122.6 million euros from 127.2 million euros a year ago as the benefits of the order intake that began in the second half of 2017 were not fully visible yet, the company said.

Growing costs from the increase in orders led to a fall in earnings before interest, tax, depreciation and amortisation (EBITDA) of 15.8% to 70.9 million euros.

However, the company raised its full-year EBITDA guidance by 6% to between 160 million and 170 million euros, compared to a full-year 2019 EBITDA of 168.7 million euros.

GTT proposed an interim dividend of 1.50 euros per share, up 12.8% year on year.

Reporting by Silvia Recchimuzzi in Gdynia. Editing by Jane Merriman and Kirsten Donovan

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