Project delays dent TEG’s bottom line

PROJECT delays have contributed to wider half-year losses at the TEG Group, the Chorley-based green technology firm which develops organic composting and energy plants.

In the six months to June 30 the firm saw revenues fall nearly 40% to £5.6m and pre-tax losses grow from £847,000 to £1.7m.

The group said the performance reflected the loss and associated costs of a contract in Wales and delays to a fourth Greater Manchester Waste facility in Bolton and at Dagenham where TEG is building a £21m facility.

Work is due to start soon in Dagenham and the Bolton site should be finished by the final quarter of next year.

Chairman Rory Maw said: “Market demand for more organic capacity remains strong and with a secure funding position at the project level, the group will be well placed to continue to take advantage of the expanding market.  

“TEG maintains a strong pipeline of tender opportunities and assuming the funding structure for the Dagenham project can be replicated this will place the group in a strong position.”