Enova shares soar on outlook
April 1 (Reuters) - The London-listed shares of Enova Systems Incdoubled on Wednesday, a day after the U.S.-based maker of power management systems for vehicles said it had a strong order book and forecast growth across its key markets. Revenue and earnings across the company's key target markets remain strong in spite of the economic turmoil, Enova said on Tuesday even as it reported a wider full-year loss. The 2008 loss widened to $12.9 million, from a year-ago loss of $9.3 million, mainly due to a 60 percent drop in sales to its largest customer Tanfield Group Plc . Enova had warned in August 2008 that it would see a decline in revenue for the rest of the year as Tanfield had announced plans to order fewer drive systems. Enova shares were up 83 percent at 55 pence by 0831 GMT on Wednesday. They hit a high of 60 pence earlier in the session. (Reporting by Balachander Surianarayanan in Bangalore; Editing by Himani Sarkar) ((balachander.surianarayanan@thomsonreuters.com; +44 207 542 7717; Reuters Messaging: balachander.surianarayanan.thomsonreuters.com@reuters.net)) Keywords: ENOVA/SHARES (C) Reuters 2009. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world. nBNG347695 GB/SMALL
