Dynetek Industries Ltd. has reported results for the 3 months and 9 months ending 30th September 2007 and revealed revenues for the latter period reached a record level of $28.5m.
Third quarter cylinder and system sales were 2% higher than in Q3 2006 and research and development revenue was 225% higher than in Q3 2006, resulting in an overall revenue increase for the 3 months ending 30th September 2007. According to the compressed hydrogen storage company, this highlights the importance of the diversification of Dynetek’s product and service offerings that allows for the buffering of market demand variations.
President and CEO, Christian Rasche, commented, “Our cylinder and systems sales were higher than originally anticipated as we were able to accommodate certain customers’ unexpected immediate requirements. In addition, our research and development revenues were higher than the same period through 2006 as Dynetek successfully met all planned R&D deliverables to the hydrogen fuel system development project for Daimler in cooperation with Magna Steyr. Dynetek expects to see an increase in activities for hydrogen powered vehicles.”