Auckland-based technology group Flotech has more than doubled its profit to $3.8 million in the year to March.The company's annual report, released today, highlights strong sales of Greenlane-brand biogas upgrading units, expansion into North America and
Auckland-based technology group Flotech has more than doubled its profit to $3.8 million in the year to March.
The company’s annual report, released today, highlights strong sales of Greenlane-brand biogas upgrading units, expansion into North America and delivery of a major gas compression project in the Amazon.
Greenlane Biogas, a world leader in the processing and upgrading of raw biogas into methane, now commands 33% of the biogas upgrading market in Europe and 31% globally.
The North American market is a major focus for Greenlane in the coming year, with four new projects planned from Flotech’s Vancouver office and one installation already up and running.
Another milestone for the group was winning NZ Trade and Enterprise’s 2010 ‘deal of the year’ award for its $26m gas compression project in Brazil.
The project, facilitated by Finnish manufacturer Wartsila, involved shipping nine gas compressors to three separate generation sites in the Amazon jungle, enabling a generation fuel switch from diesel to gas.
The company has two similar projects planned in Turkey.
Looking forward, Flotech is focused on implementing a more standardised mass production business model, particularly for Greenlane’s biogas technology.
The group’s equity ratio now stands at 34%, driven by a reduction in debt to $239,600 compared to $1m last year and a 70% increase in equity to $7.8m.
Group operating revenue in the year to March rose 3% to $55 million, with pre-tax earnings up 80% to $5.1m.
