GTT, a specialist in the transport and storage of liquefied gases, reported on Monday evening 2023 annual results at the top end of the range of targets it had initially set itself, while believing it had 'very strong visibility' for fiscal 2024.

The French group, which manufactures membrane containment systems for LNG carriers, generated consolidated sales of 428 million euros last year, up 39% on 2022.

Its operating profit (Ebitda) climbed by almost 46% to 235 million euros, while the company was targeting an operating profit of between 190 and 235 million euros.

With an order book, excluding LNG fuel, of 274 units, GTT estimates that its future cumulative sales are now at a 'record' level, at over 1.81 billion euros for the period 2024-2029.

For 2024, it says it is targeting consolidated sales in the range of 600 to 640 million euros, for consolidated Ebitda of between 345 and 385 million euros.

Its dividend for the 2023 financial year will rise to 4.36 euros per share, an increase of 40.6% on 2022.

In a reaction note, analysts at Oddo BHF hailed the company's results and outlook as "a fitting celebration" of its 10 years on the stock market.

The research firm, which has an "outperform" rating on the stock, has consequently raised its target price from 160 to 170 euros.

With a gain of almost 8%, GTT shares were the biggest risers on the SBF 120 index in early trading on Tuesday morning.

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