Romania's Avitech 2008 Turnover Rises 34%, Below Forecast

It did not say whether it was profitable last year.

"The reported growth rate was below the projected level of 45% due to decreased sales in November and December, reflecting the economic crisis on the Romanian market," Avitech said in a statement. It reported a 127% rise in the sales of professional security systems in 2008.

Among Avitech's clients are the Romanian ministries of interior and justice, the contry's second-largest oil group Rompetrol, the local arms of Ericsson, Danone and Renault, as well as domestic gas transmission company Transgaz.

Projections for the 2009 turnover are similar to the result recorded last year.

"The signs of destabilisation of the economic climate in the following period makes us look with reservations at the possibility of major growth in 2009," Avitech managing director Anton Roescu said.

($ = 0.7584 euro)