TEG ‘positive’ on prospects after blip
LANCASHIRE green technology specialist TEG Group, which develops organic composting and energy plants, says the outllook for this year is “positive” despite recent issues.
Earlier this month Preston-based TEG said it would miss market forecasta after a key project in Greater Manchester was delayed.
In a pre-close statement for the 2010 financial year AIM-lsited TEG said it had seen strong revenue growth and that cash balances remain “very healthy”.
From an operatonal point of view the company reported that the bad weather in the final months of last year had caused delays in the construction of its anarobic digestion plant in Perth Scotland, and also caused “operational difficulties and and waste shortages” at its existing sites.
Looking forward TEG was upbeat, despite some impact on recycling projects of Government cuts announced in the Comprehensive Spending Review.
It said: “The company’s tendering and project pipeline remains strong. The board has observed the continued shift by local authorities from procurement of plants to the letting of waste supply contracts to private sector funded facilities.
“Encouragingly, the company has generated significant interest from potential financiers to fund such projects and the board will continue to evaluate appropriate projects on a case by case basis.”
TEG will report its final results in mid March.