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GOOD FIRST HALF OF 2019 FOR GTT

Friday, July 26, 2019 

Paris-based Gaztransport & Technigaz (GTT), which specialises in the design of membrane containment systems for maritime transportation and storage of liquefied gas, has presented its results for the first half of 2019.

Figures show that the company achieved record order intake and revenues, as a result of the strength of the LNG carrier market and increased demand for LNG as fuel. Consequently targets for 2019 have been upgraded.

Philippe Berterottière, GTT Chairman and CEO, said: "The first half of 2019 was characterised by intense business activity and LNG carrier orders still at record levels. In the field of LNG as fuel, the attractiveness of GTT membrane technologies to ship-owners is increasingly evident, with recent orders from ship-owner Hapag Lloyd for the conversion of one of its container ships, and five new very large container ships from a European ship-owner.

"From a financial perspective, revenues were down slightly in the 1st half of 2019. However, the intake of orders from the last 24 months is beginning to bear fruit and revenues have risen 8.2% between the first quarter and the second quarter of 2019. In terms of results, while the first half of 2019 is down on last year on account of the technical and human resources deployed, GTT will feel the wider benefit of the increase in activity as from the second half of 2019. As a result, considering the backlog in our order book along with busy shipbuilding schedules, we are upgrading our projections for revenues and EBITDA for the full 2019 financial year. We are also proposing an interim dividend of €1.50, up 12.8% compared to last year."

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