A NORTH-EAST firm, which designs electronic control systems for theme parks, has revealed its disappointment after revenues fell during the first quarter of the year.

GSE Systems, in Stockton, says revenues dropped from £8.7m to £8.1m, with gross profits falling by about £500,000 to £2m, after delays in contract awards.

The company, with headquarters in Maryland, in the US, employs more than 250 people across the world, and offers energy and process industry simulation and training.

The firm, which also commissions switchboards for chemical plants, was the first company, in 1971, to build a commercial full-scope nuclear power plant simulator.

Jim Eberle, GSE chief executive, said: “Lower revenue and ongoing investments in our business and infrastructure produced a disappointing first quarter.

“Although we foresee a soft first-half of this year, we believe our results will improve in the second half of 2013 as many of the contract awards expected to take place early this year are now expected to occur in the third and fourth quarters.”