TEG hails good progress
GREEN technology specialist TEG Group, has hailed “excellent progress” as it posted half year figures.
The AIM-listed, Preston-based company, which converts organic wastes into natural organic fertiliser, posted a £55,000 profit against a £530,000 loss last year after an exceptional gain of more than £850,000 related to a recent acquisition.
TEG won a slice of the huge Greater Manchester Waste PFI contract this year, and has already built one of the three facilities it will operate under the terms of a £38m contract running to 2011..
Chairman Nigel Moore, said: “The group has continued to make excellent progress in the first half of 2009 as is reflected in the trading results.
“TEG is observing very good market growth and a continued increase in interest in the organic waste sector.”
He said the company, which has cash of £5.8m, had the firepower to continue to expand.
“The Group is actively developing a number of exciting investment opportunities that offer a high level of sustained, long term revenues… The board anticipates overall growth in 2009 and anticipates continued growth of the group beyond this period.”
TEG provides an in-vessel composting technology, which is one of the few approved technologies capable of treating animal by-product (ABP) waste.
Plant economics are predominantly driven by the gate fees charged, rather than the value of the end product (compost). The TEG process is an economic alternative to landfill.
Half year revenue for the interim period was in line with expectations at £4.48m, down from £6.5m last year, reflecting anticipated project milestone scheduling for 2009 which is loaded towards the second half of the year.
