CUI Global Inc. has released its financial results the fourth quarter and full fiscal year ended 31 December 2015. Overall revenue for the full fiscal year increased from US$76 million in 2014 to US$86.7 million (an increase of 14%). For 4Q15, revenue increased to US$21.9 million from US$18.6 million in 4Q14 (an increase of 18%). In 2015, the gross profit margin was 37%, compared to 38% in 2014. For 4Q15, the gross profit margin was 38%, compared to 31% in 4Q14.
Part of the company’s revenue came from work on a large Northeast LNG terminal upgrade. CUI was awarded a US$1 million order in North America for Orbital’s mercury trace element detectors.
William Clough, the President and CEO of CUI Global, said: “We made tremendous strides in our business in 2015, particularly through Orbital Gas Systems, where we recently secured a number of US$1 million+ deals in the UK and North America. We closed an order for Orbital's proprietary GasPT analysers to Europe's largest natural gas transmission company, Snam Rete Gas. The total scope of the project includes the deployment of 3300 analysers across the Italian pipeline system. This contract award is a result of years of testing, certification and independent test protocol, and is truly a transformational project for the Company. Our North American gas subsidiary is also gaining momentum, and we are very optimistic about our energy business moving forward. While the fourth quarter was not as strong as we had hoped due to flat revenues in the power and electromechanical and energy divisions, much of the company's focus was on closing of the Snam Rete deal and the recently announced projects in our energy division; all of which will positively contribute to future financial results.”
Edited from press release by David Rowlands
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