TEG hails "exciting" future
ORGANIC fertiliser group TEG today hailed a six-fold hike in sales as it moves towards profitability on the back of new contract wins.
Preston-based TEG, which converts organic waste into natural fertiliser, said that increased government legislation continued to drive the development of renewable energy and food waste recycling, resulting in an “exciting” future for the group.
In the 12 months to December 31, TEG saw turnover rise from £2.1m to £12.7m, while pre-tax losses more than halved from £3m to £1.4m.
TEG, whose customers include authorities, waste management companies, food processors, farmers and landowners, said that it is expanding its Todmorden plant and the construction of its plant in Greater Manchester is continuing on schedule.
TEG is the exclusive supplier of in-vessel composting technology to the consortium involved in the £1bn Greater Manchester PFI contract, and the group is expected to build four plants over the period from 2008 to 2011, producing 125,000 tonnes of compost product per annum. The plants will all process green waste and kitchen waste collected from households in the Greater Manchester region.
TEG chairman Nigel Moore said the group’s pipeline of opportunities remains “pleasingly strong” and it is actively bidding for a sizeable number of significant contracts, including a number of further PFI/PPP projects as well as a large number of smaller waste sales opportunities.
He added: “Construction of the Greater Manchester plants is proceeding to schedule and activity levels in the first half of 2009 will be consistent with those in the second half of 2008.
“As the expected activity levels on the Greater Manchester build programme accelerate in the second half of the year, the board anticipates significant overall growth in 2009 and beyond. The board is confident that TEG has an exciting future with a strong outlook for trading in the remainder of 2009.”
