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Energy firm reveals massive growth

Rototec Geothermal Energy Systems has announced 68 per cent growth in the first quarter of 2011 compared with the previous year.

The firm had a busy year, in which it enabled a reverse takeover of subsidiaries Rototec Oy and Rototec i Sveridge AB.

The geothermal energy group raised its turnover to £1.31 million during the period January-April, with forecasts for full-year revenue for 2011 expected to exceed £9m.

Rototec chief executive Tim Ojanne said: “We are delighted with these results. The first quarter of the year is traditionally a low season for geothermal energy system providers.

“Our achievement of 68 per cent growth compared to the same period last year demonstrates that we are executing the right business model and we are doing things right in this rapidly growing market of geothermal energy systems.

“Our subsidiaries Rototec Oy in Finland and Rototec i Sverige AB in Sweden are well positioned to capitalise on the growth in these current markets we operate.

“The reverse takeover of both subsidiaries by Rototec Geothermal Energy Plc has been successfully accomplished and all their operations are now running efficiently.”