Shares in air conditioning manufacturer Energy Technique – highlighted as a recovery candidate by Growth Company Investor in April – today warmed 15 per cent to a 52-week high of 9.75p, writes James Crux.

Fully-listed Energy Technique (ETQ) – now a Surrey-based manufacturer of heating and air-conditioning equipment after restructuring last year – was today fanned 1.25p higher to 9.75p. The shares have traded as high as 9p, and as low as 2.5p, over the past 52 weeks. They were languishing at just 4p when we suggested the company was ripe for recovery.

Last month it cheered followers with a 78 per cent underlying profits rise for the year to March. This followed firm trading during the second half. Pre-tax profits hit £365,000, on continuing sales up 4 per cent to £11.7 million. Borrowings fell by £655,000 – to £1.1 million.

At the time, the directors explained that Energy Technique rapidly returned to solid profitability after the disposal of its last loss-making business, Benson Heating, in summer 2001. After this, the balance sheet was re-capitalised through a share issue to a new investment consortium. It raised £1.1 million at 3p.

The group now supplies Diffusion products to clients including the Houses of Parliament, Savoy Hotel and Claridges.

Energy Technique recently signed a distribution agreement with Canadian play Nutech for advanced filtration equipment in the UK and Ireland. Investors have been gradually warming to the story.